Cuba the next country to accept cryptocurrencies?

[dothebeats]

AFAIK, some Cubans are already utilizing bitcoin and cryptocurrencies in order to transfer funds from outside the country in order to avoid high fees. This may or may not be beneficial to the citizens given that they are trying to skip the fees and avoid the hassle of getting under checks and the long process of the banks. However, if the country legalizes cryptocurrencies, this means that citizens will no longer be afraid of exchange or trading it into their local currency, so long as they pay the necessary taxes during these trades. All in all, I'm still unsure on whether the outcome for this is good or bad, but hopefully it favors the interests and sentiments of the Cubans that are reliant on cryptocurrencies.

[DrBeer]

And what will it give? Well, really? As for me, this is petty tyranny or self-deception ... Well, they will make bitcoin an official means of payment and? What will change in the economy, social aspect, medicine, how will this affect the solution of the current problems of Cuba itself and 99% of Cuba's population? The answer is - WILL NOT AFFECT IN ANY WAY! Bitcoin cannot fix the problems of dumb rulers and a collapsed economy ...

[LittleBitFunny]

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.

Actually, they didn't say only Bitcoin, they said they will regulate cryptocurrency that means not only for Bitcoin but also for all other coins will be regulated by them, I don't know how the US govt will take this news!
Now come to the point, it's really good that after El Salvador now Cuba is going to accept cryptos, though they claimed they will regulate cryptocurrency but the real fact is cryptocurrency is regulating them that's why they are forced to accept Bitcoin, and other cryptos as official legal tender. They could realise well that without crypto their future will be dark.

[arallmuus]

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

Only if they can track all their citizen's crypto address.

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.

So it pretty much like saying Cuba is giving the green light for cryptocurrency. Well this is so much better than declaring it as a legal tender. Honestly I'd prefer this over declaring it as the legal tender because if more countries declare it as legal tender then it is the same as posing danger to bitcoin. Some country like the US and Europe might even start banning bitcoin to an extreme extent at some point because of this

[Viscore]

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.

Actually, they didn't say only Bitcoin, they said they will regulate cryptocurrency that means not only for Bitcoin but also for all other coins will be regulated by them, I don't know how the US govt will take this news!
Now come to the point, it's really good that after El Salvador now Cuba is going to accept cryptos, though they claimed they will regulate cryptocurrency but the real fact is cryptocurrency is regulating them that's why they are forced to accept Bitcoin, and other cryptos as official legal tender. They could realise well that without crypto their future will be dark.

  Cuba is starting to realize that since the government can't control its citizens from using crypto, so they are forced to regulate crypto and definitely accept it and maybe in the near future, they will also accept bitcoin as a legal tender. Well, the good thing is more and more countries have become open minded to crypto and this may lead into a real worlwide adoption once bitcoin will be totally regulated by the government. It's just a matter of time and we might wake up one day that bitcoin and some promising cryptos will already be accepted as payment in big companies.

[verita1]

This is a tweet from Erich García Cruz, Cuban, programmer and bitcoiner, in the tweet he says:
(I've done a translation from Spanish.)

Reading the comments of this report ... the balance is tilting a bit towards the "positive" regarding #Bitcoin in #Cuba 🇨🇺 (Greed Index ) ** I'm still in mode: NEUTRAL **

https://twitter.com/ErichGarciaCruz/status/1431336263974535182?s=19

According to the law in Cuba on bitcoin will regulate the institutions, IMO, it is good news, but since it is Cuba, it is a country that lives in a dictatorship and that its inhabitants think that the government will not allow them to progress.

Only, I can wish them that bitcoin in Cuba is a hope for its inhabitants. They have the opportunity to find the best solution that bitcoin offers.

[Kayum10029]

The Central Bank of Cuba has recognized Bitcoin as their acceptable currency. Salvador is the first country after Cuba to recognize bitcoin directly. Gradually many countries like Cuba have bitcoin Recognition is expected.

[Darker45]

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.

So it pretty much like saying Cuba is giving the green light for cryptocurrency. Well this is so much better than declaring it as a legal tender. Honestly I'd prefer this over declaring it as the legal tender because if more countries declare it as legal tender then it is the same as posing danger to bitcoin. Some country like the US and Europe might even start banning bitcoin to an extreme extent at some point because of this

It could be possible especially in the case of Cuba and other countries that are under embargos and other economic sanctions from the US. After all, Bitcoin somehow provides the citizens of these countries a way to circumvent some of these sanctions.

But I don't think we should be worrying about Bitcoin getting banned. It cannot be banned. And attempts to ban it would only make its fundamental arguments more valid. I guess government attempts to stifle Bitcoin would only make it stronger.

[Sithara007]

Cuba will now recognize and control cryptocurrencies such as bitcoin for socio economic reasons. Central banks will accept crypto for their own benefit the cuban cryptocurrency adoption was a global epidemic and this desperate need for cash to curb access to the world economy which helped drive the rise of crypto adoption in cuba. Every people out there who lean towards cryptocurrency credits the growing crypto community for the rise of the Internet in cuba.

I really doubt that. The problem with socialist nations is that their national currencies are very weak. The exchange rates are artificially kept at a level, which is not viable in the free market. This is even applicable to currencies such as the Chinese Yuan. So the problem if they recognize Bitcoin is that the population would prefer to store their money in the form of BTC, since it offers better protection from inflation. And this will make it more difficult for the government to maintain the exchange rates. El Salvador didn't faced this issue, because they don't have a national currency.

[lenovop-70]

This is good news for us, citizens of the world, but it will have a bad impact on the internal government, how can they monitor it, are they not afraid that the original fiat value will be eroded by Bitcoin???
And what about the regulation of Bitcoin as a legal payment, I don't think that they can manage it, the country will soon collapse by placing Bitcoin legally, no offense, just an opinion.
But if they were succeed to make regulation regarding this matter, all the world will follows what Cuba did, beyond that, Bitcoin and crypto have become a new world economic power, all countries want to own them and take advantage from it.

[blockman]

This could be actually good news for the bitcoin holders in Cuba. There will be another source of taxation for the country and they won't be hiding in shadows anymore.

The Central Bank of Cuba has recognized Bitcoin as their acceptable currency. Salvador is the first country after Cuba to recognize bitcoin directly. Gradually many countries like Cuba have bitcoin Recognition is expected.

Not yet an actual law but they're recognizing it until they make the same law as El Salvador of making it as a legal tender then that's something else. But as they recognize it and there are looking a positivity with that news, we have to find out and follow what the government of Cuba actually stands about bitcoin.

[DrBeer]

But it is interesting - the population of Cuba is familiar with such words as "volatility" and "speculative market"? I mean that it is highly probable that on euphoria, the Cubans will buy cryptocurrencies, and she will once again make a drawdown by 2 times. And the next howl about the "imperialist conspiracy" will begin And then the Cubans will quickly, in a panic, sell everything at the lowest price ... Which after a while will grow again ... Well, you understand what I mean

[oHnK]

But it is interesting - the population of Cuba is familiar with such words as "volatility" and "speculative market"? I mean that it is highly probable that on euphoria, the Cubans will buy cryptocurrencies, and she will once again make a drawdown by 2 times. And the next howl about the "imperialist conspiracy" will begin And then the Cubans will quickly, in a panic, sell everything at the lowest price ... Which after a while will grow again ... Well, you understand what I mean

I don't know for sure what the country is like, but if you look at stories about Cuba in western films, they do live more freely and naturally, the investment world is also more speculative and volatile.  It will be more possible for the whales to be wild in spreading rumors to take advantage, meaning who is the strongest, then he gets the big profit.  But I emphasize that this is still just my speculation, it can be refuted because the basis is not strong.

[bryant.coleman]

But it is interesting - the population of Cuba is familiar with such words as "volatility" and "speculative market"? I mean that it is highly probable that on euphoria, the Cubans will buy cryptocurrencies, and she will once again make a drawdown by 2 times. And the next howl about the "imperialist conspiracy" will begin And then the Cubans will quickly, in a panic, sell everything at the lowest price ... Which after a while will grow again ... Well, you understand what I mean

Until a few months ago, there were two currencies having the status of legal tender in Cuba. The first one was the national currency (Cuban Peso), while the second one was (Cuban Convertible Peso or CUC). CUC was pegged to the US Dollar. After it's withdrawal, the Cubans are without a currency which is not manipulated in the forex market. I guess Bitcoin would fill that gap. As you mentioned, volatility is going to be a problem. But if people use it as a store of value, then they will be holding it hopefully for the long term.

[fiulpro]

I do think that it's not just Cuba but actually a lot of other countries as well who will start accepting Bitcoins really soon since at the end of the day they have to be in par with the whole system, as we know it, things have been really hard during the pandemic and more and more people are now going towards bitcoins and other cryptocurrencies. Therefore the government should work with them and start doing their part in this. It would be everyone really soon!! But the countries who will do it sooner will be one step ahead of everyone therefore I do think that even if they don't right now they might have to do eventually to meet the demands of general public.

[Davidvictorson]

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.

Bitcoin to the rescue once again. Way to go Cuba, one of the surest ways to bypass US sanctions on sending money. If they are able to regulate bitcoin in such that its price fluctuations is fixed without affecting it the exchange rate and also if they are able to monitor or reduce illicit transactions done with it then it becomes the litmus test for the rest of the world with failing economy.

[arallmuus]

-snip

It could be possible especially in the case of Cuba and other countries that are under embargos and other economic sanctions from the US. After all, Bitcoin somehow provides the citizens of these countries a way to circumvent some of these sanctions.
-snip
I guess government attempts to stifle Bitcoin would only make it stronger.

Its one of the better option to outwit the US Sanctions but at the same time it also kinda like telling US that their policy no longer affect them that much. One or two countries that uses crypto to bypass this sanction probably mean nothing to US but imagine if every countries that is affected use this 'trick', might even force US to do something about it on a greater extent

But I don't think we should be worrying about Bitcoin getting banned. It cannot be banned.

Ikr, I should have used appropriate word for this. Its probably more like hindering the mass adoption of bitcoin or something instead of 'banned'.

[DrBeer]

But it is interesting - the population of Cuba is familiar with such words as "volatility" and "speculative market"? I mean that it is highly probable that on euphoria, the Cubans will buy cryptocurrencies, and she will once again make a drawdown by 2 times. And the next howl about the "imperialist conspiracy" will begin And then the Cubans will quickly, in a panic, sell everything at the lowest price ... Which after a while will grow again ... Well, you understand what I mean

I don't know for sure what the country is like, but if you look at stories about Cuba in western films, they do live more freely and naturally, the investment world is also more speculative and volatile.  It will be more possible for the whales to be wild in spreading rumors to take advantage, meaning who is the strongest, then he gets the big profit.  But I emphasize that this is still just my speculation, it can be refuted because the basis is not strong.

I can add a little - I know Cuba not from films. At one time my father served there (when he served in the Soviet Army) and talked about Cuba. And I myself, already in modern times, rested there 2 times. Frankly, not a single feature film is close to reality, and even more so it does not show all aspects of the life of ordinary people in Cuba and the country as a whole.

[DrBeer]

I do think that it's not just Cuba but actually a lot of other countries as well who will start accepting Bitcoins really soon since at the end of the day they have to be in par with the whole system, as we know it, things have been really hard during the pandemic and more and more people are now going towards bitcoins and other cryptocurrencies. Therefore the government should work with them and start doing their part in this. It would be everyone really soon!! But the countries who will do it sooner will be one step ahead of everyone therefore I do think that even if they don't right now they might have to do eventually to meet the demands of general public.

I will ask 2 questions
1. Do you suppose that bitcoin will completely or for the most part replace local currencies?
if not, then the question is:
2A. what problem in this case will be solved by accepting payments in bitcoin
if yes then the question is:
2B. How do you imagine the work of the country's economy, which will be built on a highly volatile asset such as bitcoin?

[inoes]

It started because sending and receiving money between the US and Cuba became very difficult under the Trump administration.  Finally, the American embargo against communist countries has turned Cuba into a pariah in the global economy.  Cuba's decision to join El Salvador in embracing decentralized virtual money hopes to help the country evade the US sanctions regime, which was implemented under former President Donald Trump and has been extended under President Joe Biden.  But in my opinion if this is implemented how the country stabilizes prices in its country.  And if Cuba's official currency is still in use then cryptocurrency is just an alternative payment.  So I think this is their economic strategy.