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Will Cuba Legalize Cryptocurrencies?

Cryptocurrencies are becoming increasingly popular. Earlier in the year, the Central American country, El Salvador made Bitcoin a legal tender. While many countries are already working on the idea of creating a centralized digital currency (CBDC), Cuba has plans to legalize decentralized cryptocurrencies. 

According to reports (though unconfirmed), Cuba’s government is planning to recognize and regulate cryptocurrencies. Global news agency Aljazeera reported that Cuba’s central bank is making rules to regulate mainstream crypto transactions. 

It also reported that the regulatory authorities in the Caribbean nation are already in the process to allocate licenses to businesses that are willing to offer cryptocurrency-related services. 

Moreover, according to some government sources, they are also planning to make Bitcoin a legal tender though there is no official information disclosed in this regard. The government organizations are positive about El Salvador’s decision to make Bitcoins legal tender. 

Cuba has been battling with US sanctions and recently it had to stop accepting bank deposits in US dollars. As Cuba is struggling on the economic front, it is looking to resolve its economic issues through decentralized currencies like Bitcoin. In that regard, it finds the idea of making Bitcoins a legal tender a viable idea. 

Earlier in 2021, El Salvador became the first country in the world to legalize Bitcoins. Following the new amendment, Bitcoin will now enjoy the status of a legal tender. So far, there have been mixed opinions about El Salvador’s move to legalize bitcoin. While some are positive about the decision, some believe it is too early.

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