Cuba government will recognize and regulate Cryptocurrency transactions.
The government of Cuba said it would monitor and regulate the island’s tariffs.
A decision published in the Official Gazette stated that the Central Bank would establish such finance rules and determine how to issue licenses to related service providers in Cuba.
The popularity of Cryptocurrencies has grown among a group of technology experts in Cuba. Besides, it has become increasingly challenging to use dollars in Cuba due to tightening rules imposed by former President Donald Trump.
Meanwhile, the Central American nation of El Salvador has recently announced that it will see the use of the cryptocurrency Bitcoin to encourage remittances from its citizens living abroad.
However, the price of Bitcoin in India reached Rs. 36.88 lakhs at 11 am IST on August 27th.
Coins, which can be large quantities, tend to be independent of any central bank and use widely distributed blockchain computer codes to keep track of transfers.
The ruling states that the Central Bank may authorize the use of cryptocurrencies “for economic interest purposes.”
Still, the state ensures that its operations are regulated. It has also become increasingly clear that jobs cannot include illegal employment.
However, a local cryptocurrency expert, Erich García, said some Cubans now use these devices to shop online, often with gift cards.
Are you interested in cryptocurrencies? We discussed all aspects of cryptocurrency with WazirX manager Nischal Shetty and the founder of WeekendInvesting Alok Jain at Orbital, the Gadgets 360 podcast.
Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music, and wherever you find your podcasts.