Cuba On The Way To Regulate Crypto

2021-08-27 20:07:13

Aljazeera reports that Cuba is on the fast track to officially regulate crypto. According to the news outlet, The Central Bank of Cuba intends to impose a set of regulations before allowing the public to perform cryptocurrency transactions.

In addition, the government in Cuba will also serve as the licensing regulator for any potential businesses or companies that operate within the blockchain technology.

Many experts agree that the recent economic restrictions by ex US President Donald Trump is what forced Cuba to take these measures. Especially since the restrictions imposed a ban on Cuba to accept cash bank deposits in US Dollars. And considering that the population in Cuba is rather pro technology, turning to cryptocurrencies seems like the right decision.

Moreover, this is very similar to the current situation in El Salvador. Over there, President Nayib Bukele already has plans to institute bitcoin ATMs and bitcoin kiosks. Which again is rather smart, given the substandard economy of the country. Being that the country is very similar to Cuba when it comes to economic potential.

Eventually, many experts agree that this move by El Salvador will surely pay off. For that matter, the executive president of CABEI, Dante Mossi, salutes this venture. In particular, he states that this ‘out of this world experiment’ can only increase the country’s financial status.

He further agrees that it is because of this, CABEI should prioritize and assist El Salvador by providing crucial technical assistance when implementing crypto.

Consequently, Cuba wishes to regulate crypto very similar to their Latin counterparts. Which a lot of crypto-enthusiasts see as the beginning of a new trend. Considering how many countries have struggling economies throughout South America. And it definitely is part of the global-wide crackdown by governments against anything that is part of the blockchain technology.

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