bitcoin

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.

bitcoin

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

About Godwin

Godwin is a multi-faceted writer. He covers the latest and most significant news in the crypto industry for Newsbsc. Aside from his work here, he writes exceptional SEO optimized web contents for other websites in different sectors.

Check Also

Ethereum like gas fee

Ethereum like gas fee burning mechanism should be developed for BNB, new suggestions from BSC Devs

Binance Smart Chain (BSC) developers have suggested building Ethereum like gas fee burning mechanism for …

Leave a Reply

Your email address will not be published. Required fields are marked *