Cuba Makes Shocking Bitcoin Announcement
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Cuba is the latest country to announce that it will recognise cryptocurrency for payment
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A statement published by the Gazette on Thursday has revealed that the Central bank of Cuba will regulate Bitcoin and other cryptocurrencies
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The announcement comes at a time when the popularity of cryptocurrency has increased in the country and it has become difficult to use the US dollar
Cuba may be set to join El Salvador in its decision to recognise Bitcoin for payment.
According to a resolution released on the Official Gazette, the central bank of the country is set to establish rules on BTC and other cryptocurrencies.
The resolution stated that the central bank can approve the use of cryptocurrencies “for reasons of socioeconomic interest”.
Meanwhile, El Salvador will officially recognise the use of the flagship cryptocurrency from September 7.
The move is being made as a result of the high use of cryptocurrency in Cuba among some groups.
In addition, the island has been experiencing difficulties using and sending the US dollar due to an embargo imposed by former US President Donald Trump.
Read also: MicroStrategy Buys $177M Bitcoin as the Company Now Holds $2.34B in Crypto
Unofficial estimates show that over 1000 Cubans use BTC, making it the most used cryptocurrency on the island.
Since cryptocurrencies like Bitcoin can be used for anonymous loon distance transactions, they can be used to evade the US’s restrictions on sending money to Cuba.
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