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Cuban Central Bank To Recognize Cryptocurrencies

The official Cuban government and its central bank will officially start to recognize and attempt to regulate cryptocurrencies such as bitcoin, citing “reasons of socio-economic interest.” The state-run Official Gazette published Resolution 215 on Thursday, which set out new guidelines on how the central bank plans to deal with cryptocurrencies. Commercial providers of services related to crypto will need to be licensed as outlined in the resolution. Cuba’s decision to join another fellow North American country, El Salvador, in recognizing cryptocurrencies comes as the use of Bitcoin and other cryptos becomes increasingly common in the country for purposes of remittances or virtual cash. This move could help the country circumvent U.S. sanctions that were put in place under the Trump Administration and extended under Biden’s years.

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