Cuba Plans To Regulate Cryptocurrencies For Payments



Reports said that the Cuban government has planned to recognize and regulate cryptocurrencies for payments.


It has been reported that the Caribbean nation’s central bank will establish rules for mainstreaming cryptocurrency transactions. Cuban authorities are also expected to distribute relevant licenses to businesses based on the crypto-related services they provide.


However, struggling economies, such as El Salvador, have also started mainstreaming Bitcoin (BTC) adoption. Salvadoran President Nayib Bukele announced the construction of country-wide infrastructure to support the adoption of Bitcoin. El Salvador’s Bitcoin adoption policy can reduce overall remittance costs and potentially transform the remittance landscape across Central America, according to the Central American Bank for Economic Integration (CABEI).

The report said that Dante Mossi, the Executive President of CABEI, believes that El Salvador’s “out of this world experiment” could result in greater financial inclusion, and thus, it is in CABEI’s best interest to help El Salvador create a technical framework for Bitcoin adoption.


Source: Cointelegraph