Cuba will not be left behind in the race to accept cryptocurrency. On September 7, the Central American nation of El Salvador is preparing to enact laws relating to cryptocurrency. An important motive is that it will allow the use of Bitcoin to encourage remittances from its citizens living overseas.
The growth of cryptocurrencies has been pushed by the citizens who are deeply involved in technology. Additionally, it could also be seen as a political move due to the restrictions which was placed on the economy during President Donald Trump’s campaign, which made it harder for them to use the dollar.
In the resolution, it states that it will regulate “the use of certain virtual assets in commercial transactions, as well as the licensing of providers” of these services in “operations related to financial, exchange and collection or payment activities” in or from Cuban territory.
It’s interesting to see how far bitcoin adoption will go within Cuba given its history and archaic financial infrastructure. Regardless, the fact that they are enacting rules to use cryptocurrency is quite surprising given their slow transition from Fidel Castro’s regime under President Miguel Diaz-Canel.
