Cuba will recognize regulate crypto currencies

A resolution published in the Official Gazette said the Central Bank will set rules for such currencies and determine how to license providers of related services within Cuba. The popularity of such currencies has grown among a technologically savvy group in Cuba as it has become harder to use dollars, in part because of toughened embargo rules imposed under former President Donald Trump. The Central American nation of El Salvador recently announced it would recognize use of the cryptocurrency Bitcoin as a way to encourage remittances from its citizens living abroad. The currencies, which can wobbly wildly up and down in value, are usually independent of any central bank and use widely distributed blockchain computer codes to keep track of transfers.

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• Cuba will now recognize and regulate cryptocurrencies like Bitcoin
• Cuba to recognize -- and regulate -- cryptocurrencies
• Cuba to recognise, regulate cryptocurrency
• Government of Cuba Says It Will Recognize, Regulate Cryptocurrencies
• Cuba to recognise and regulate cryptocurrencies for payments
• Cuba to recognize and regulate cryptocurrencies
• Cuba authorizes and seeks to regulate cryptocurrency use
• Cuba to recognize — and regulate — cryptocurrencies
• Cuba says it will recognize, regulate cryptocurrencies

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Cuba will now recognize and regulate cryptocurrencies like Bitcoin

On Thursday, the Cuba government said it will recognise and regulate cryptocurrencies for payments in the nation. According to reports, a resolution was published in the country's Official Gazette , which stated that the Central Bank will set rules for cryptocurrencies and determine how to licence providers of related services within the nation.

The news follows Central American nation El Salvado r's June announcement to approve Bitcoin BTC as an official currency - becoming the first nation in the world to do so. Like El Salvador, Cuba's announcement is likely to come under criticism based on the notion that cryptocurrencies are highly volatile and their prices can fluctuate wildly - as they are independent of any central bank and prone to speculation.

Instead, transactions in cryptocurrency are recorded on decentralised, distributed blockchains. As cryptocurrencies can be used for long-distance, anonymous transactions, they are sometimes considered to be popular with people attempting to evade government regulations - presumably including US restrictions on sending money to places such as Cuba, noted the Reuters report.

With cryptocurrencies becoming popular in emerging nations, a recent report by blockchain data platform Chainalysis ranked India second in terms of global crypto adoption in , amidst global crypto adoption rising over percent in the last year. In the report titled 'The Global Crypto Adoption Index' , Chainalysis ranked India just behind Vietnam , which took first place out of countries surveyed. Cryptocurrency Cuba to recognise and regulate cryptocurrencies for payments By Rishabh Mansur.

The announcement follows Central American nation El Salvador's June move to approve Bitcoin as an official currency in Cuba, making it the first nation in the world to do so. A Reuters report added that the "popularity of such currencies has grown among a technologically-savvy group in Cuba as it has become hard to use dollars, in part because of toughened embargo rules imposed under former President Donald Trump. Why now is the best time to build something in the cryptocurrency landscape.

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Cuba to recognize -- and regulate -- cryptocurrencies

On Thursday, the Cuba government said it will recognise and regulate cryptocurrencies for payments in the nation. According to reports, a resolution was published in the country's Official Gazette , which stated that the Central Bank will set rules for cryptocurrencies and determine how to licence providers of related services within the nation. The news follows Central American nation El Salvado r's June announcement to approve Bitcoin BTC as an official currency - becoming the first nation in the world to do so. Like El Salvador, Cuba's announcement is likely to come under criticism based on the notion that cryptocurrencies are highly volatile and their prices can fluctuate wildly - as they are independent of any central bank and prone to speculation. Instead, transactions in cryptocurrency are recorded on decentralised, distributed blockchains. As cryptocurrencies can be used for long-distance, anonymous transactions, they are sometimes considered to be popular with people attempting to evade government regulations - presumably including US restrictions on sending money to places such as Cuba, noted the Reuters report. With cryptocurrencies becoming popular in emerging nations, a recent report by blockchain data platform Chainalysis ranked India second in terms of global crypto adoption in , amidst global crypto adoption rising over percent in the last year.

Cuba to recognise, regulate cryptocurrency

Join us on Twitter or Telegram. Customize Settings Accept. Cuba has become the latest country to recognize and regulate cryptocurrencies such as Bitcoin BTC. The move means that commercial providers of related services are now required to secure a license to operate from the central bank, CNBC reports. Fintech data analyst Boaz Sobrado said that Cuba could be seeing the benefits of adopting cryptocurrencies. In fact, the communist Cuban central bank was founded by Che Guevara. The fact that they are cautiously regulating shows they are interested in what it can bring them. US companies are not allowed to deal with Cuba and there are laws that punish foreign companies that do business with the Latin American nation. Last year, financial services company Western Union, which served as an important channel for remittances in the country, closed its locations across Cuba as the Trump administration imposed new sanctions against the communist regime. Cuba is embracing cryptocurrencies amid the rising popularity of this new class of assets.

Government of Cuba Says It Will Recognize, Regulate Cryptocurrencies

Commercial providers of related services will now need a license from the central bank to continue operations. The American embargo on the communist state has turned Cuba into a pariah in the global economy. This summer, thousands of Cubans took to the streets in rare mass protests over a pandemic-era economic crisis — including a shortage of food and medicine. In response, many Cubans have turned to crypto as a cheaper and more reliable way to send and save money.

Cuba to recognise and regulate cryptocurrencies for payments

By Reuters Staff. Cryptocurrencies, which allow financial operations to be carried out anonymously in a decentralized manner, have been used in the past to get around capital controls, as well as to make payments and transfers more efficient. The bank warned that individuals undertook unauthorized operations with such assets at their own risk. Interest in the use of cryptocurrencies in Latin America has been growing. El Salvador in June became the first country here in the world to adopt bitcoin as legal tender.

Cuba to recognize and regulate cryptocurrencies

A resolution published in the Official Gazette said the Central Bank will set rules for such currencies and determine how to license providers of related services within Cuba. The popularity of such currencies has grown among a technologically savvy group in Cuba as it has become harder to use dollars, in part because of toughened embargo rules imposed under former President Donald Trump. The Central American nation of El Salvador recently announced it would recognize use of the cryptocurrency Bitcoin as a way to encourage remittances from its citizens living abroad. The currencies, which can wobbly wildly up and down in value, are usually independent of any central bank and use widely distributed blockchain computer codes to keep track of transfers. Because they can be used for long-distance transactions that are supposedly anonymous, they are often popular with people attempting to evade government regulations — presumably including U.

Cuba authorizes and seeks to regulate cryptocurrency use

A resolution published in the Official Gazette said the Central Bank will set rules for such currencies and determine how to license providers of related services within Cuba. The popularity of such currencies has grown among a technologically savvy group in Cuba as it has become harder to use dollars, in part because of toughened embargo rules imposed under former President Donald Trump. The Central American nation of El Salvador recently announced it would recognize use of the cryptocurrency Bitcoin as a way to encourage remittances from its citizens living abroad. The currencies, which can wobbly wildly up and down in value, are usually independent of any central bank and use widely distributed blockchain computer codes to keep track of transfers.

Cuba to recognize — and regulate — cryptocurrencies

A resolution published in the Official Gazette said the Central Bank will set rules for such currencies and determine how to license providers of related services within Cuba. The popularity of such currencies has grown among a technologically savvy group in Cuba as it has become harder to use dollars, in part because of toughened embargo rules imposed under former President Donald Trump. The Central American nation of El Salvador recently announced it would recognize use of the cryptocurrency Bitcoin as a way to encourage remittances from its citizens living abroad. The currencies, which can wobbly wildly up and down in value, are usually independent of any central bank and use widely distributed blockchain computer codes to keep track of transfers. Because they can be used for long-distance transactions that are supposedly anonymous, they are often popular with people attempting to evade government regulations — presumably including U. It also explicitly noted that operations could not involve illegal activities.

Cuba says it will recognize, regulate cryptocurrencies

Cuba has passed a resolution to authorize and regulate the use of cryptocurrencies amidst mounting pressure of US sanctions. Cryptocurrencies would make international remittances seamless which have become quite difficult to execute due to the sanctions. After El Salvador , Cuba became the second country to formally authorize and regulate cryptocurrencies. Earlier Paraguay too was contemplating passing a law recognizing cryptocurrencies. Latin America is becoming the hotbed for the Digital Assets industry as it seeks a new avenue to escape years of economic turmoil. It seeks to establish a framework for digital assets. The Central Bank of Cuba will regulate the use of certain virtual assets in commercial transactions as well as be responsible for granting licenses to service providers.

But the details are incredibly scarce at this point. Crypto is incredibly popular for illegal activities, to say the least. Remittances from the U.