Cuba the next country to accept cryptocurrencies?

[cygan]

the news is overflowing in the net at the moment ... cuba is supposed to be the next country after el salvador to accept Bitcoin and other cryptocurrencies as an official legal tender.

Cuba is set to recognize and regulate #Bitcoin as a payment method in the country.

https://www.btctimes.com/news/cuba-set-to-recognize-bitcoin-as-payment-method

Havana: Cuba's government has said it will recognise — and regulate — cryptocurrencies for payments on the island.

https://economictimes.indiatimes.com/markets/cryptocurrency/cuba-to-recognise-and-regulate-cryptocurrencies-for-payments/articleshow/85678549.cms

After El Salvador made history earlier this year by accepting bitcoin as a legal tender, the number of countries planning to mimic the move continues to grow. A recent report showed that Cuba’s Central Bank wants to implement rules enabling the nation to utilize digital assets legally.

https://cryptopotato.com/cubas-government-looking-to-recognize-bitcoin-and-crypto-for-payments-report/

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.

https://www.bloomberg.com/news/articles/2021-08-27/cuba-to-recognize-and-regulate-cryptocurrencies

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[Kittygalore]

Good for them but given that they're still in a dictatorship with Raul Castro in lead, I don't think that we're going to see any difference if bitcoin gets accepted in the country.

[Ucy]

the news is overflowing in the net at the moment ... cuba is supposed to be the next country after el salvador to accept Bitcoin and other cryptocurrencies as an official legal tender.

Cuba is set to recognize and regulate #Bitcoin as a payment method in the country.

https://www.btctimes.com/news/cuba-set-to-recognize-bitcoin-as-payment-method

Havana: Cuba's government has said it will recognise — and regulate — cryptocurrencies for payments on the island.

https://economictimes.indiatimes.com/markets/cryptocurrency/cuba-to-recognise-and-regulate-cryptocurrencies-for-payments/articleshow/85678549.cms

After El Salvador made history earlier this year by accepting bitcoin as a legal tender, the number of countries planning to mimic the move continues to grow. A recent report showed that Cuba’s Central Bank wants to implement rules enabling the nation to utilize digital assets legally.

https://cryptopotato.com/cubas-government-looking-to-recognize-bitcoin-and-crypto-for-payments-report/

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.

https://www.bloomberg.com/news/articles/2021-08-27/cuba-to-recognize-and-regulate-cryptocurrencies

How does the government regulate it?
More like saying Cuba Regulate Rainfall or something...how possible? Probably by creating a giant roof or artificial cloud that controls where the rain finally falls in the country when it falls on the roof. Typically, we get unrestricted access to nature no matter who we are but humans try to add restrictions
Guess the better words to use could be "Cuba to Regulate their Bitcoin/Space".  

[Hydrogen]

Cubans who escaped cuba, have used crypto to send money to their families in cuba, for many years.

About 10,000 Cubans have turned to bitcoin and altcoins, including ethereum and dogecoin, to skirt around U.S. sanctions, according to a report from Deutsche Welle’s Spanish-language service, reported CryptoNews.

Cubans overseas use BitRemesas, a crypto exchange, to essentially transfer money to family in Cuba through a middleman, CryptoNews explained. They convert their fiat currency into cryptocurrency, which middlemen in Cuba then bid on and pay for in cash to the sellers’ family members in Cuba. The middleman gets a commission fee from the exchange, and BitRemesas takes a percentage as well.

https://www.businessfast.co.uk/bitcoin-daily-cubans-use-cryptocurrencies-for-remittances-in-wake-of-us-sanctions-swiss-national-bank-bis-test-cbdc-integration-pymnts-com/

Sending money to cuba via wire transfer can have (I think) 40% in taxes and fees. Cubans used bitcoin/crypto to circumvent high taxes and fees.

"Accept cryptocurrencies" means cuba's government wants to tax and collect significant portions of crypto payments entering the country.

[TimeTeller]

Cubans who escaped cuba, have used crypto to send money to their families in cuba, for many years.

About 10,000 Cubans have turned to bitcoin and altcoins, including ethereum and dogecoin, to skirt around U.S. sanctions, according to a report from Deutsche Welle’s Spanish-language service, reported CryptoNews.

Cubans overseas use BitRemesas, a crypto exchange, to essentially transfer money to family in Cuba through a middleman, CryptoNews explained. They convert their fiat currency into cryptocurrency, which middlemen in Cuba then bid on and pay for in cash to the sellers’ family members in Cuba. The middleman gets a commission fee from the exchange, and BitRemesas takes a percentage as well.

https://www.businessfast.co.uk/bitcoin-daily-cubans-use-cryptocurrencies-for-remittances-in-wake-of-us-sanctions-swiss-national-bank-bis-test-cbdc-integration-pymnts-com/

Sending money to cuba via wire transfer can have (I think) 40% in taxes and fees. Cubans used bitcoin/crypto to circumvent high taxes and fees.

"Accept cryptocurrencies" means cuba's government wants to tax and collect significant portions of crypto payments entering the country.

They found out that a lot of their citizens are already using crypto services for years.
So they decide to regulate and authorize its existence, taxing them is given fact already.

https://www.euronews.com/next/2021/08/27/cuba-becomes-the-latest-country-to-authorise-and-regulate-cryptocurrencies-like-bitcoin

So I am assuming, previously, they are converting their crypto mostly via p2p exchange?

[just_Alice]

That's great, hopefully, it will help Cuba to overcome the current difficulties they suffer due to the embargo. Also interesting to see how the Central Bank will regulate the future widespread use of cryptocurrencies. It can be clearly seen that the government intends to take full control of this use

The resolution says the Central Bank can authorize use of cryptocurrencies “for reasons of socioeconomic interest” but with the state assuring that their operations are controlled.

I wonder how will that be accomplished and will the government be willing to gove more freedom regarding everyday crypto use someday.

[livingfree]

I've seen this too just now on a news outlet and it feels amazing to see these countries being open to cryptocurrencies.

As they recognize to regulate cryptocurrencies, they're likely to add it as a legal tender soon. Although, bitcoin is decentralized while Cuba is going to regulate it, that's the counterpart of it that we don't like before.

But now, looking at these countries recognizing bitcoin, hoping that there will be more of them.

[paxmao]

Despite the idealistic view of Havana, keeping the ruinous unpainted buildings from the view, there is an underliying system that is happy to keep the people poor. Some people would argue that while someone is looking for food and money, they are not planning a revolution - at least that´s a friend of mine theory. Anyway, Cuba is a lot about control, bitcoin is a lot about self control and self sovereignty etc... I do not see these two things matching and the government there has a fresh supply of strong currency from turism.

[Johnyz]

Good for them but given that they're still in a dictatorship with Raul Castro in lead, I don't think that we're going to see any difference if bitcoin gets accepted in the country.

That’s too hard for a country with the government controls their people, though cryptocurrency provides freedom, it will still be hard if the government regulations is still in favor to them. Though of course this is a good news if ever but hopefully its for the good of their people and not for the personal interest of the politicians there.

[Darker45]

the news is overflowing in the net at the moment ... cuba is supposed to be the next country after el salvador to accept Bitcoin and other cryptocurrencies as an official legal tender.

El Salvador will be accepting Bitcoin and Bitcoin alone as a legal tender. There is no other cryptocurrency that is to be elevated to that level.

In Cuba, however, Bitcoin is not to be declared as a legal tender, along with other cryptocurrencies. They will only be accepted as alternative means of payment. The only legal tender remains to be the Cuban peso. In other words, goods and services are to be priced with the units of the Cuban peso and not in Satoshis, mBTC, BTC, ETH, and so on.

[South Park]

Very unlikely, I do not think that a government that wants to have control of the economy is going to want to relinquish that control by accepting something like bitcoin, it is way more likely that the people are going to begin to use bitcoin on their own without the permission of the government as they need a way to receive money without using a remittance service as a great deal of that money is stolen by the government and then they receive their useless local currency instead of the dollars that were sent to them.

[jaysabi]

How does the government regulate it?
More like saying Cuba Regulate Rainfall or something...how possible? Probably by creating a giant roof or artificial cloud that controls where the rain finally falls in the country when it falls on the roof. Typically, we get unrestricted access to nature no matter who we are but humans try to add restrictions
Guess the better words to use could be "Cuba to Regulate their Bitcoin/Space".  

The same way the government regulates everything- you write a law and penalize people who don't comply with it.  If we've seen one thing with crypto regulations it's that nobody has proven effective at avoiding regulation.  In the case of bitcoin, you regulate the fiat exchange points (which are already regulated).  You pass a law, not too many people are going to risk noncompliance, especially when the consequence is prison.

[yananda]

Of course this will be a big step for the economy, especially in Cuba itself
they don't want to be left behind from other countries that have gone first and do not rule out the possibility if there are good developments that trigger other cryptos to be accepted too

[amishmanish]

The move seems to have been triggered by the drying up of revenue sources after Trump's sanctions. The government possibly wants a piece of the remittances pouring into the country in the form of cryptos, as @Hydrogen pointed out. They would provide recognition to crypto, making it easier for people to use crypto for there basic needs, in return for tax revenue.

This would be an interesting experiment. The central authority wants a piece of your payments, which they otherwise cannot regulate. It is upto the people that how long they choose to be submissive and continue to share the knowledge of their payments. The people could still choose to go on receiving payments and using them in a P2P way, which they are probably doing at present.

Puts the element of choice into the hands of people. It seems that the US people would be much better off if the US Govt decides to fully support bitcoin. It may turn out to be a far better method of spreading democracy than tanks and guns and hellfire missiles.

[uneng]

I imagine the dictatorship could create a national wallet provider, similar to El Salvador, and force everyone to use wallets monitored by cuban authorities. Zero tax evasion and total control over citizens' financial actions and funds. Depending how bitcoin is regulated, it can really fit the most tyranical goals... After all it's just a tool, and every tools can be used for the good or bad, depending on who is using it.

[Kemarit]

I imagine the dictatorship could create a national wallet provider, similar to El Salvador, and force everyone to use wallets monitored by cuban authorities. Zero tax evasion and total control over citizens' financial actions and funds. Depending how bitcoin is regulated, it can really fit the most tyranical goals... After all it's just a tool, and every tools can be used for the good or bad, depending on who is using it.

If that is the case then they should created their own CBCD.

But for sure, this regulations meant that they will tax their population. They are still under the umbrella of communism so that makes their government curbing any freedom including financial. Yeah, could be a welcoming news for bitcoin enthusiast in that country, but it's a different ballgame when the government are around snooping in your every move.

[Kong Hey Pakboy]

Of course this will be a big step for the economy, especially in Cuba itself
they don't want to be left behind from other countries that have gone first and do not rule out the possibility if there are good developments that trigger other cryptos to be accepted too

They're so left behind in terms of development, there's a reason why some of their people risk going out of the country illegally than stay there, they know that they don't have a future in there. And I don't think that crypto is going to solve the problem because it's so deep that it will probably take a long time or it won't even happen.

[cabron]

Bitcoin had already been used in central and south America, recognition from the government will make it not illegal, they don't even have to pass a bill for BTC to be adopted. The government of Cuba mining BTC and distributing them to their people this crisis I think is an alternative solution than printing more of their currency.

Even the country that we see as not a communist though is still taking steps to do their own surveillance of the people. I'm sure El Salvador government is also going to be taking steps to look into the database of Stripe.

[Leviathan.007]

Saw this on the news yesterday and this can be good news. However, I expect to see some international bankers and related organizations warning Coba about accepting bitcoin. The whole point is a country such as El Salvador and Cuba is accepting bitcoin because they don't have strong fiat and in the other hand they are suffering economic issues and economic sanction by the strong countries, here Bitcoin can help both the goverment and people to solve the economic issues such as not having bank accounts. I hope to see this happening in other countries soon.

[Turbolinea]

We have already known the high interest of Latin American countries in Bitcoin. El Salvador took action to make Bitcoin legal tender and it seems like they are doing good for now. Latin American countries have been observing El Salvador about whether they did a good thing or not. One of these countries was going to take a step forward obviously. And it is Cuba as it seems. Maybe they are not thinking of making it legal tender for now but they are going to accept Bitcoin which is important news of course.