Goodbye Dollar, welcome Bitcoin! Cuba ready for the big crypto jump

Bitcoin (BTC) is growing in popularity around the world and especially in Cuba. Due in part to restrictions on remittances from the U.S., the Cuban government is announcing plans to regulate Bitcoin and cryptocurrencies, a further step towards global adoption.

Beach, cigar, rum and Bitcoin

More and more Latin American countries are perceiving the qualities of Bitcoin and cryptocurrencies to circumvent US sanctions. The information was unearthed on Aljazeera, which reports that Cuba could incessantly recognize and regulate cryptocurrencies for payments on the island taking inspiration from El Salvador and its grand plans to make Bitcoin a national currency.

A resolution published in the Official Gazette on Thursday said Cuba’s central bank would establish rules on cryptocurrencies and determine how to grant special authorizations to crypto service providers within the communist state.

The resolution also states that the central bank could authorize the use of cryptocurrencies “for reasons of socio-economic interest,” controlled by the state. It is also explicitly stressed that the operations could not involve illegal activities.

A local cryptocurrency expert, programmer Erich García, told theAssociated Press that some Cubans were already using cryptos, often via gift cards, for online purchases.

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US dollars will no longer be accepted

Cuba has stopped accepting US dollar cash bank deposits outright due to tighter restrictions imposed by former US President Donald Trump. The decision was presented as “temporary” even though the history between the two countries, fraught with tension, suggests that nothing more will bring them closer together politically or economically speaking.

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The announcement comes as the popularity of cryptocurrency has increased in Cuba among certain groups of the population, eager for freedom. Indeed, it has become increasingly difficult to send and use U.S. dollars on the island, in part due to the tightened embargo rules imposed under former U.S. President Donald Trump.

While some expected the president <a href=”” target=”_self” rel=”noopener”>Joe Biden is seeking to normalize relations, as former President Barack Obama did, he has instead taken a harder line, imposing new sanctions against Cuban officials following protests in the country.

Cuba’s decision to regulate the use of cryptos in its country, comes shortly after El Salvador decided to adopt Bitcoin as its legal currency. Among other things, it is a real way to encourage remittances from its citizens living abroad. Zero taxes, dreamy beaches and crypto-green card: El Salvador is making eyes at bitcoiners

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