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Bitcoin: Cuba wants to recognize cryptocurrencies




Cuba wants to recognize and regulate cryptocurrencies for payments. A decision published in the Official Gazette states that the central bank will establish and establish rules for such currencies. Among other things, it should be clarified how providers of corresponding services are licensed in Cuba.

According to a report from the local Gazette Oficial, the island state plans to approve the use of cryptocurrencies “for reasons of socio-economic interest”. Accordingly, the Cuban government is currently working with the central bank. The aim is to legalize crypto currencies like Bitcoin as a means of payment, but at the same time not to lose control.

Cuba’s economy is suffering severely from the collapse in tourism due to the corona pandemic and from the US sanctions imposed by former President Trump. In the course of a currency reform, Cubans had to say goodbye to the dollar and fall back on the country’s own currency. This resulted in the popularity of cryptocurrencies growing among a tech-savvy segment of the population in Cuba.




Bitcoin
(ISIN: CRYPT0000BTC)

Cuba is not the first country to want to recognize cryptocurrencies. El Salvador recently announced it would accept Bitcoin as legal tender from September. The SHAREHOLDER’s speculative buy recommendation for long-term investors continues to apply.

Note on conflict of interests:

The chairman of the board and majority owner of the publisher Börsenmedien AG, Mr. Bernd Förtsch, has taken direct and indirect positions on the following financial instruments mentioned in the publication or related derivatives that benefit from any price development resulting from the publication: Bitcoin.

Author Laurenz Föhn has taken direct and indirect positions on the following financial instruments mentioned in the publication or related derivatives that benefit from any price development resulting from the publication: Bitcoin.

Shares or derivatives that are discussed / mentioned in this article are in the “SHAREHOLDER Depot” of THE SHAREHOLDER.


Hasan Sheikh
Hasan, who loves technology and games, is studying Computer Engineering at Delhi JNU. He has been writing technology news since 2016.
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