Cuba the next country to accept cryptocurrencies?

[Tumanggor]

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as predicted, after el salvador announced they were making bitcoin as a legal tender, the surrounding small countries would start to follow suit
I read in a mass media that crypto investors in America are increasing sharply and the number is expected to continue to rise

Big countries in America that don't start thinking about adopting crypto will be left behind with smaller countries like El Salvador
Mass adoption is inevitable

[justdimin]

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.

I do not get why people are getting so excited about nations "accepting" crypto, as long as they allow it and do not ban it then it is fine for me. Like for example USA did not ban crypto, they put some regulations of course but they didn't ban it, and that is a much much bigger thing then what El Salvador did for example. Don't get me wrong on paper taking bitcoin as legal tender is a bigger thing then letting people use crypto and do not ban it, those are two very different things however USA is so huge that even them letting is a bigger deal than 10 nations like El Salvador accepting bitcoin as legal tender.

This is why I believe that we are in a situation where accepting cryptocurrencies is not a big problem, just let people be and do not ban it and we will be fine, especially for those huge nations, hell china banning miners were even a bigger problem.

[Abike007]

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 US restrictions on sending money to places, such as Cuba.

[South Park]

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.

But that will require that people specifically walk into that trap and for that the government will need blind obedience from the population, which is something that the government of Cuba doesn't really have at the moment as people are very critical of them not only within the country but also outside of the country, so I doubt that something like this will actually happen, so I would think that the people of Cuba will begin to adopt bitcoin on their own in order to avoid the huge fees they have to pay in order to receive money through a remittance service.

[Vaculin]

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 US restrictions on sending money to places, such as Cuba.

If that is only the reason why people and Cuba, or any countries that accept and legalized crypto, that is a wrong idea. It is certainly not a good decision. They legalize Bitcoin/cryptocurrencies as they have the insights that their people were getting beneficial with this, not to evade the government or any restrictions otherwise it was a subject for the ban.

[AicecreaME]

This is really good news! We have already known that Latin American countries have been very interested in making Bitcoin legal tender. El Salvador has started this chain. And now, finally we are seeing a new country doing so also. But this is the first step for it of course. First, they started leaning towards accepting payments with Bitcoin. Next, they will be leaning towards making Bitcoin legal tender as El Salvador.

It's a piece of great news that Cuba has been planning to accept cryptocurrencies in their country. Although it is already a known fact that their citizens have been using it for over the years already. Maybe they saw this chance to finally accept crypto since their constituents have been on it already, why not adopt it for real and make it lawfully legal? After all their economy could benefit from it as well. I just hope there will be no personal agendas and interests involve aside from making the country better again and providing the needs of their people.

Truly, mass adoption is slowly happening. El Salvador's move in accepting bitcoin as legal tender paved way for other people to follow their step. Hopefully, in the future there would be more and more countries that will see what crypto has to offer and adopt it in their country too.

[LUCKMCFLY]

This is something very positive, I suppose that since it is CUBA the government will have total control of its citizens and those who want to have BTC and cryptocurrencies, I also see it as a desperate measure by the government, because they have been suffering from many protests and a lot of instability In the country, I do not see it as a way out thinking about the welfare of the people but to want to take advantage of the people with many regulations, a communist government will never support its people, they will only see that if they can take advantage of something, it is possible to acquire it by the government and I also see it as an infallible option for tourism, they will no longer buy Cuban dollars but can directly trade BTC, if we take into account the demand, it may increase, but its volumes will be difficult to determine since they can control it in their favor. But I hope that your people get a way to bypass all those regulations that they can implement and that their situation improves, at least for people's particular economies.

[RealMalatesta]

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 has way too much trouble to worry about crypto right now, they are doing horrible at the moment with the new government, before this one they were doing just fine with Castro, they weren't the biggest nation in the world and yes they lacked a lot of technological improvements that many major other countries lived but they were not living in poverty neither, they had food and shelter and health and education and all of those things are enough to make a person live, what else do you really need?

You know you will have a house at all times, you know you will be fed at all times, you know if you get sick you will be treated for sure, and you know you will study for free in great education system, if life gives you all of these then you must always be happy. However now people are poor and hungry and government can't handle that, they need to fix that first before considering bitcoin and anything related to crypto.

[doomloop]

Cuba has way too much trouble to worry about crypto right now, they are doing horrible at the moment with the new government, before this one they were doing just fine with Castro, they weren't the biggest nation in the world and yes they lacked a lot of technological improvements that many major other countries lived but they were not living in poverty neither, they had food and shelter and health and education and all of those things are enough to make a person live, what else do you really need?

You know you will have a house at all times, you know you will be fed at all times, you know if you get sick you will be treated for sure, and you know you will study for free in great education system, if life gives you all of these then you must always be happy. However now people are poor and hungry and government can't handle that, they need to fix that first before considering bitcoin and anything related to crypto.

I believe that bitcoin would be the perfect situation for exact same reason. If they are having so much trouble with what they are doing right now and there is poverty going on, can you imagine how much better they would become if they switched to bitcoin or at least offered it as an option. I am not saying that they should be able to lift off from poverty all thanks to bitcoin but there is a good chance that you can hide behind an anonymous nickname, work from Cuba, and make bitcoin as income and that way you could avoid all the bans that are put into Cuba and working with USA.

USA pays so much to people and if you are in Cuba you can't take that dollars, but with bitcoin you could actually use it as a loophole and make a lot of money from the nearby neighbor who has so much and that way they could grow bigger and use that to their advantage.

[rugrats]

This is really good news! We have already known that Latin American countries have been very interested in making Bitcoin legal tender. El Salvador has started this chain. And now, finally we are seeing a new country doing so also. But this is the first step for it of course. First, they started leaning towards accepting payments with Bitcoin. Next, they will be leaning towards making Bitcoin legal tender as El Salvador.

Recent news about El Salvador accepting cryptocurrencies and they give every El Salvadoran some free BTC each for free. I am very impressed by El Salvador offering this BTC , And followed by Cuba who is really pleased that BTC is getting more and more accepted in different countries and becoming a popular currency for sure BTC will become more and more worthless in the future.

[arwin100]

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.

There governmemt look for alternative and they are going unto the best choice since bitcoin has no govern bodies controlling it and they might get the benefits from its adoption but maybe best for now is they educate their people about bitcoin since people might protest against it like what El Salvador Oldies did as they don't know how to use or they don't lile its volatility.

But anyways good luck for the country who will accept bitcoin so hopefully we can see great result for its adoption.

[CaptainCrapper]

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

This is very good news for all already acceptance county and who are interested and trying to accept Digital currency and finally very good news for all trader and investor who is involved with currency wold from 2009 to till.So its a ammaizing news for all of us.

[zanezane]

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 US restrictions on sending money to places, such as Cuba.

Cuba isn't covered by the US regulations, it's a country not a territory of the USA. But this doesn't mean anything though, I am sure that the only one that will benefit from all of this are the elite class in the country.

[Yamifoud]

Until no final confirmation about their acceptance, it was still uncertain and these leaders might change their decisions as well. Those countries who are giving support to crypto are subject to this but can't hide the fact that it needs a law to cover such action which takes months or even a year before it is officially and legally proclaims as an accepted currency. But for now, it was still a rumor until it was finalized and of course, this was a job opportunity for the Cubans.

[DrBeer]

Question for all participants in this topic:
1. Please answer the question - how exactly, the adoption of bitcoin as a means of payment, solved the problems of the stagnating economy and the local population? Just write in more or less detail what will happen?
2. If the main advantage of bitcoin is deflationary, or at least non-inflationary model, what prevents the state from carrying out a reform, replacing the existing depreciated pesos with stable pesos, with a non-inflationary concept?

[aysg76]

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


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.

Right they were bypassing the traditional and modern methods of fund transfer dur to high feed and strict regulations of US government under Donald Trump and now they have extended the restriction under Biden rules also.This is one report :

Sending and receiving money between the U.S. and Cuba became extremely difficult under the Trump administration, according to Dr. Mrinalini Tankha, a professor of anthropology at Portland State University, who has been doing research on Cuba for 10 years.

In 2020, Western Union, a particularly significant channel for remittances that had been operating in Cuba for more than 20 years, shuttered all of its 400-plus locations, amid increasingly aggressive Trump-era sanctions.

Moreover the government is also finding way to gain more tax revenue aside from tourism from the globe as more users will be able to pay directly in bitcoin and taxation will be improved booming the economy.So they are onto the same move.But if they regulates it will be beneficial for the residents in future.

[Renampun]

...

I wonder what Bitcoin haters think about this news 'lol'...

the domino effect of El Salvador accepting bitcoin as a legal tender actually happened. After Cuba, dozens of other countries will do this too. in the next few decades, 75% of countries in the world will have adopted bitcoin.

[tygeade]

It is not just about Cuba, I think it’s high time that every country accepts Bitcoin and legalize it. Before I came across this topic I saw someone that was pointing out on how Bitcoin can be used the wrong way and how it has been making governments to dislike Bitcoin.

Banning Bitcoin is not a solution to all those problems, rather the government should accept Bitcoin and regulate it . That way they will be able to have more control over it, although their control wouldn't be 100%, at least it will be leading us to somewhere. And with the help of the government would be able to track down those who are using Bitcoin the wrong way and promote the good use of it. Let’s hope that’s more and more countries continue to make Bitcoin legal.

[ziyaaa]

After El Salvador's making Bitcoin legal tender, we are finally seeing another country which is leaning towards accepting Bitcoin as a payment method at least. Latin American countries have been observing El Salvador's actions since it made Bitcoin legal tender. They just want to understand the possible results of taking such action. And it is totally normal actually. Because Bitcoin is a volatile asset. It is not easy to make big decisions like this.

[South Park]

Question for all participants in this topic:
1. Please answer the question - how exactly, the adoption of bitcoin as a means of payment, solved the problems of the stagnating economy and the local population? Just write in more or less detail what will happen?
2. If the main advantage of bitcoin is deflationary, or at least non-inflationary model, what prevents the state from carrying out a reform, replacing the existing depreciated pesos with stable pesos, with a non-inflationary concept?

Bitcoin will not solve the problems of the stagnant economy, however it can solve one of the big problems that Cubans are facing, those that are outside the country and have family there would like to send money to their family members but a great deal of that money is stolen by the government, so what do they do? If they do not send the money then their family members suffer but if they do then they support the government they hate so much, by using bitcoin they can send money to their family members while at the same time they avoid to support the government, and that is huge.