Cuba moves to adopt Crypto as legal tender

The “El Salvador” cryptocurrency bug has travelled out of North America, crossed over to the Caribbean and caught Cuba. 

Reports broke out earlier in the year that Cuba’s number one citizen, President Miguel Dìaz Canel, and other high-ranking government officials are looking to adopt cryptocurrency as a way of tackling financial disruptions in the country.

Cuba is now set to go one step further, and recognize cryptocurrency as a legal tender. This is according to a fresh report from popular business news platform Bloomberg, citing a piece published in the Official Gazette.

Cuba’s Central Bank will act as a watchdog for the Crypto space – setting guidelines and issuing licenses to service providers who intend to operate within the country.

Cryptocurrency provides an alternative to the dollar and adopting it has become a necessity for Cuba, especially after the sanctions imposed by former American President Donald Trump.

Tech-savvy Cubans are already transacting cryptocurrencies but this new initiative will boost awareness and usage.

The adoption of virtual currencies will be used “for reasons of socioeconomic interest” under a controlled environment.

NEXT: Infrastructure bill still has controversial rules after House vote