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Cuba set to learn and regulate cryptocurrency

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The Cuban government is expected to recognise and regulate cryptocurrencies for payment purposes. According to AlJazeera, the Caribbean nation's central bank will set the rules for mainstreaming cryptocurrency transactions.

The Cuban government is planning on recognizing and regulating cryptocurrencies for payments. Based on the reports by AlJazeera, the Caribbean nation’s central bank will set the rules for mainstreaming cryptocurrency transactions. 

Cuban authorities are trying to distributing important licenses to businesses based on the crypto-related services they provide. There are some sources that say the move to let cryptocurrency as a legal tender has been accepted by Cuba’s tech-savvy population as the country had to temporarily stop accepting cash bank deposits in United States dollars, with tighter restrictions created by former U.S President Donald Trump. 

With El Salvador who have also started mainstreaming Bitcoin (BTC) adoption. During Monday, Salvadoran president Nayib Bukele declared the construction of country-wide infrastructure to stand by the adoption of Bitcoin. El Salvador’s Bitcoin adoption policy can deduct the total remittance costs and overall change the remittance landscape across Central America, based on the observation by the Central American Bank for Economic Integration (CABEI).

Dante Mossi, who is the executive president of CABEI believes that El Salvador’s “out of this world experiment” could end up in greater financial inclusion which is believed to be in CABEI’s best interest to help El Salvador built a technical framework for Bitcoin adoption. 

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