Cuba now recognizes and regulates cryptocurrencies such as Bitcoin and Ether saying that it’s a “reason of socio-economic interest.”
The country’s officials published “Resolution 215” on Thursday. The resolution was published in the state-run Official Gazette. Cuba’s central bank said that it will set new rules for how to deal with cryptocurrencies. Furthermore, commercial providers who are related to cryptos are now obliged to get a license from the central bank to continue operating.
Cuba follows El Salvador steps
Cuba followed El Salvador in embracing decentralized virtual currencies. That could help the country escape the U.S. sanctions which were made by President Trump and extended under now President Joe Biden.
“It’s historic that they are embracing it,” said Boaz Sobrado, a London-based fintech data analyst, who spent four years working in crypto in Cuba.
“This is a conservative government still set in traditional Marxist ways. 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,” continued Boaz.