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Cryptocurrency News: Cuba will now recognize cryptocurrencies, cryptocurrency payments will also start

The proposal states that the Central Bank will set the rules for such currency.

The Cuban government said on Thursday that it would recognize cryptocurrencies for payments and would also take steps to regulate cryptocurrency. A resolution published in the Official Gazette said the Central Bank would set rules for such currency and determine how to license the relevant service providers within Cuba.

Such a currency has grown in popularity among tech-savvy groups in Cuba as the dollar has become harder to use due to stringent sanctions rules imposed under former President Donald Trump. The Central American nation of El Salvador recently announced that it will recognize the use of the cryptocurrency bitcoin to encourage remittances from its citizens living abroad. Till 12 noon (IST) on 27th August bitcoin price in india 36.88 lakh was Rs.

Currency, which can fluctuate wildly up and down in value, is usually independent of any central bank and uses widely distributed blockchain computer code to track transfers. Because they can be used for long-distance transactions that are supposedly anonymous, they are often popular with people trying to evade government regulations – possibly including a US ban on sending money to places like Cuba. .

The resolution stated that the Central Bank was “for reasons of socioeconomic interest”. cryptocurrency may authorize their use, but the State warrants that their operations are controlled. It was also clearly noted that illegal activities cannot be included in the operations.

Programmer Erich Garcia, a local cryptocurrency expert, said that some Cubans are already using such devices for online purchases, often through gift cards.

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