Cuba has said it will recognise – and regulate – cryptocurrencies for payments on the island in a move that could help to circumvent American sanctions.
A resolution published in the Official Gazette on Thursday said the central bank will set rules on cryptocurrencies and determine how to license providers of related services within the communist state.
The announcement comes as the popularity of cryptocurrency has grown in Cuba among some technologically savvy groups, as it has become increasingly difficult to send and use US dollars on the island, in part because of toughened embargo rules imposed under former United States President Donald Trump.
While some expected President Joe Biden to seek to normalise relations, as former President Barack Obama did, he has instead taken a harder line, imposing further sanctions against Cuban officials following crackdowns on rare protests in the country.
Cuba’s move comes after El Salvador recently announced it would recognise the use of the cryptocurrency Bitcoin as a way to encourage remittances from its citizens living abroad.
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https://www.aljazeera.com/news/2021/8/27/cuba-to-recognise-regulate-cryptocurrency-govt-resolution
