Cuba is planning to recognize and regulate cryptocurrencies for payments. This according to news outlet Al Jazeera.
It is reported that the island’s central bank will provide rules to push mainstream adoption of cryptocurrency transactions while government authorities will hand out relevant licenses to businesses based on their role in the crypto space. Some sources even say that the country might go as far as to follow El Salvador’s example and allow for cryptocurrency as a legal tender.
Cuba’s population has so fat responded enthusiastically to the plans as the country had to stop accepting cash bank deposits in USD, due to tighter restrictions set by the United States.
El Salvador will officially have Bitcoin as legal tender on September 7 when the “Bitcoin Law” comes in effect. On Monday, Salvadoran President Nayib Bukele confirmed the country is ready for the big day. It is expected that El Salvador’s adoption of Bitcoin will drastically reduced remittance costs from money transfers overseas. Should other countries follow suit, this will have a huge impact on the global remittance landscape, starting with Central America.
According to Dante Mossi, executive president of the Central American Bank for Economic Integration (CABEI), El Salvador’s “out of this world experiment” has the potential for greater financial inclusion, and thus, it is commit the country in its transition.
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