Cuba central bank now recognize Bitcoin

[Wiwo]

 Because of the social-economic impact of Bitcoin and the entire cryptocurrency, the Cuba central bank after drafting a new bill to regulate and deal with Bitcoin as a legal tender in the country’s economic life.

[roadrunnerjaiv2025]

Good for you and your country. Although I'm not sure how your central bank intends to "regulate" it because that will defeat the purpose of Bitcoin. Restrictions and regulations are also important to protect investors' interests though.

[Slow death]

for cases of news of this type you must put a link to the news. here are 2 sources on this news:

https://www.cnbc.com/2021/08/27/cubas-central-bank-now-recognizes-cryptocurrencies-like-bitcoin.html

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

i honestly am a little lost, i thought the cuba government didnt like things from outside their country as they still live in the stone age, but it is a big step they are taking if we really see bitcoin being used as a means of payment in cuba

[Kayum10029]

Because of the social-economic impact of Bitcoin and the entire cryptocurrency, the Cuba central bank after drafting a new bill to regulate and deal with Bitcoin as a legal tender in the country’s economic life.

Salvador has since recognized Cuban bitcoin as legalized. However, all this support is very important for cryptocurrency. If the acceptance of Bitcoin spreads all over the world in this way, it will be the future generationBitcoin will become the number one accepted currency.

[CaVO32]

Because of the social-economic impact of Bitcoin and the entire cryptocurrency, the Cuba central bank after drafting a new bill to regulate and deal with Bitcoin as a legal tender in the country’s economic life.

Salvador has since recognized Cuban bitcoin as legalized. However, all this support is very important for cryptocurrency. If the acceptance of Bitcoin spreads all over the world in this way, it will be the future generationBitcoin will become the number one accepted currency.

Now, we are seeing country after country to accept bitcoin as legal tender. This may really push a very good adoption and that means, increase in demand in the market, and eventually of course, further increase in price. We may really see bitcoin increasing in the coming years. If people will learn the benefits in dealing with crypto, they will understand why some are really die-hard fans of crypto.

[Hippocrypto]

Because of the social-economic impact of Bitcoin and the entire cryptocurrency, the Cuba central bank after drafting a new bill to regulate and deal with Bitcoin as a legal tender in the country’s economic life.

This is another amazing story for bitcoin which could probably brought a new waves of success, not just with Cuba central bank but also for booming western countries economy. Legalized matter should have a serious impact to each individuals who legally used cryptocurrency for so many times. Regulations isn't a problem unless there's a transparency between government and their citizens.

[boyptc]

i honestly am a little lost, i thought the cuba government didnt like things from outside their country as they still live in the stone age, but it is a big step they are taking if we really see bitcoin being used as a means of payment in cuba

They're now looking for an upgrade with their economy and I think this will make them more open to the world and there could be more upgrade in their infrastructure area.

AFAIK, they don't have much free access to the web and it's hard for a normal person to get into it. So with having bitcoin as a legal tender, they'll improve their infras.

[Sweminer777]

well it is BOUT TIME THAT CUBA GETS FREEDOM

[Rruchi man]

i thought the cuba government didnt like things from outside their country as they still live in the stone age...

They may not like it, but for them to move forward, they have to adjust...
Cuba's recognition of bitcoin as a legal tender is all motivated and driven by the bid for the country to completely discourage and avoid the use of the dollars which sanctions have made difficult for them to make use of and had weakened their economy.

The government must have recognised that the lot of the younger generations in cuba already adopted cryptocurrency use as a way to buy things online from other countries and it has been going smoothly for them, so why not just dump the dollars that is causing them problems and adopt crypto.
This is a good solution to their economic problem, congratulations Cuba, El Salvador did it, you are doing it, i'm certain others will follow soon.

[Frengki_cisco]

Because of the social-economic impact of Bitcoin and the entire cryptocurrency, the Cuba central bank after drafting a new bill to regulate and deal with Bitcoin as a legal tender in the country’s economic life.

I don't understand what the Cuban government is thinking, Bitcoin should have been recognized a long time ago, not now, it's a country that has been controlled by Communist-Marxism, unruly,  even though they have implemented a democratic system for their citizens, if democracy works, their economy will develop even more with the presence of Bitcoin, in fact, it is not so.

Even though Bitcoin has been recognized by the Cuban government/Bank, I think it's only temporary, the dispute continues there Cuba, More riots, It's a big economic factor, but I hope that by admitting Bitcoin can change all aspects of Cuban people's lives.

[GeorgeJohn]

Bitcoin is gradually getting to the permanent site.
It is going to do alot good to our economy

We all know that bitcoin can as well help for elevation and diversification of country economy if really wishes to operate or acknowledge the existence of cryptocurrency, actually some countries that embrace cryptocurrency initially i think they used it boostup their economy and before other countries who are ignorant crypto rose against cryptocurrencies they have already build up  their economy cryptocurrency, looking at it today many countries is interested to legalize adoption of cryptocurrency because of it's important to the society.

[aoluain]

for cases of news of this type you must put a link to the news. here are 2 sources on this news:

https://www.cnbc.com/2021/08/27/cubas-central-bank-now-recognizes-cryptocurrencies-like-bitcoin.html

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

i honestly am a little lost, i thought the cuba government didnt like things from outside their country as they still live in the stone age, but it is a big step they are taking if we really see bitcoin being used as a means of payment in cuba

Cuba has suffered because of over 50 years of economic sanctions by the United States,
that is why they seem stuck in the "stone age" and seem not to accept anything from outside
their country, things are changing though, they certainly want to trade and drag themselves
out of the poverty imposed on them.

This article from last year > https://www.reuters.com/article/us-cuba-economy-tradefair-idUSKBN28I37O

HAVANA (Reuters) - Cash-strapped Cuba said on Tuesday it had attracted $1.9 billion worth of foreign investment over the past year despite tighter U.S. sanctions and said it continued to reduce internal obstacles to investors.

It makes sense to adopt Bitcoin, its borderless.
Like El Salvador how do they integrate it into the existing financial system?

[Fortify]

for cases of news of this type you must put a link to the news. here are 2 sources on this news:

https://www.cnbc.com/2021/08/27/cubas-central-bank-now-recognizes-cryptocurrencies-like-bitcoin.html

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

i honestly am a little lost, i thought the cuba government didnt like things from outside their country as they still live in the stone age, but it is a big step they are taking if we really see bitcoin being used as a means of payment in cuba

Not much to be confused about really. The Cuban government is a little slow sometimes to recognize certain advances, but they must have seen Bitcoin being used on a large scale (lots of transactions through banks with this explanation) and decided to tax it. In order for them to tax it they needed to legalize the usage of it, otherwise it would have stayed a grey area and made the government officials look a bit foolish. Considering how cut off from the global financial system they have been, due to sanctions from the USA where most payment processors reside, it seems like cryptocurrency is a great method for the many overseas Cubans to return money back to their home country.

[zanezane]

Well, I don't think that anything will change anytime soon with Cuba, pretty sure that having bitcoin recognized as a legal tender isn't going to be that impactful to the current state of Cuba, probably they're better off not recognizing them because they're going to tax the people that uses those and I don't think that the people really want their government to tax them.

[kryptqnick]

Because of the social-economic impact of Bitcoin and the entire cryptocurrency, the Cuba central bank after drafting a new bill to regulate and deal with Bitcoin as a legal tender in the country’s economic life.

There's another thread that's dedicated to Cuba, and from what I've read, I didn't get the impression that Bitcoin is about to become legal tender there. Firstly, giving banks the power over crypto market is dangerous because banks aren't normally friendly to cryptos, as cryptos pose a threat to their existence. Secondly, it seems that for now, cryptos are among 'virtual assets', and while there's potential of allowing to use them for commercial transactions, I won't be surprised if that doesn't mean that cryptos will be treated as money for taxation purposes and thus won't be taxed as such.

[SurVM215]

This will help the country come out of the crisis and attract a new flow of investment. The right decision.

[yazher]

Good for you and your country. Although I'm not sure how your central bank intends to "regulate" it because that will defeat the purpose of Bitcoin. Restrictions and regulations are also important to protect investors' interests though.

I think they decide to do it because they see the progress and success that it brings to their fellow Latin country El Salvador. So, my speculations were right after all. they just silently watching everything about the result of the implementation in El Salvador and when everything seems right they will also follow in their footsteps. It is nice for them to realize it early because if they don't act right away, the components and materials to do the same like El Salvador might double its price after years from now.

[RILWAN]

Most countries around the world are gradually embracing and adopting bitcoin because of its advantage to their economic growth, but at that there is a need for more development that will allow an easy link between the central currency and blockchain base cryptocurrency. Cuba government will develop a policy that will regulate bitcoin, but I don’t think that will be a simple task.

[wajik-tempe]

Good for you and your country. Although I'm not sure how your central bank intends to "regulate" it because that will defeat the purpose of Bitcoin. Restrictions and regulations are also important to protect investors' interests though.

They won't fully regulated and bitcoin is still decentralized as it should be, bitcoin safetiness is high anyone could not track your address ownership eventhough the country has regulated the cryptocurrency itself as long as you don't inform to the govenrnance you have those wallet.
So i think we can keep using bitcoin as usual except when we're going to cash out our crypto to country fiat, this will notify the banks that we have those cryptocurrency wallets

[bryant.coleman]

I am not yet sure whether this is a good news or bad news for the cryptocurrency users in Cuba. Recognition by the central bank is good. But we don't know the details about how they are going to regulate cryptocurrency. I guess now the users may need to undergo KYC process and may be forced to trade their coins through government approved channels. I don't want to sound overly skeptical as well about the Resolution 215. There is a chance that the Cuban regime has learnt a few lessons from countries such as El Salvador.