Saturday, September 18, 2021
HomeNewsCuba plans to introduce Bitcoin as a means of payment

Cuba plans to introduce Bitcoin as a means of payment

The Cuban government is reportedly planning to approve cryptocurrencies as a means of payment.

As Aljazeera reports, the central bank of the Caribbean island state is to work out a corresponding legal framework for crypto transactions. Other competent authorities should in turn issue approvals to companies, depending on which crypto services they offer.

According to TRT, the Cuban population would welcome any introduction of cryptocurrencies as a means of payment, as the country recently temporarily suspended all US dollar deposits after former US President Donald Trump tightened sanctions against Cuba.

Bitcoin (BTC) is increasingly becoming a real alternative for economically stricken countries. The ultimate proof of this is provided by the Central American country El Salvador, which recently made the market-leading crypto currency an official means of payment. President Nayib Bukele now wants to expand the nationwide infrastructure so that the digital currency is available everywhere.

The introduction of Bitcoin in El Salvador could cut the cost of remittances in Central America significantly, according to the Central American Bank for Economic Integration (CABEI).

Dante Mossi from CABEI thinks that this “daring experiment” could ultimately lead to greater financial inclusion, which is why the organization wants to help El Salvador create the technical framework for a successful implementation.

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


Please enter your comment!
Please enter your name here

Trending News

Recent Comments