Cuba Prepares to Regulate and Recognize Cryptocurrencies

Cuba Prepares to Regulate and Recognize CryptocurrenciesLatin American nations are gearing up for regulation and adoption. Cuban Crypto Regulations

Cryptocurrency is proving its use case as an alternative to the traditional financial industry in many countries. Cuba is the latest country in Latin America to formally recognize and begin regulation of cryptocurrencies. 

The Carribean Communist island nation is amidst the worst economic depression the country has seen in over three years. The Cuban government passed Resolution 215 on August 26, which will set regulation in place beginning September 15. 

“It establishes the rules based on which the Central Bank of Cuba regulates the use of certain virtual assets in commercial transactions, as well as the granting of licenses to virtual asset service providers (crypto assets, cryptocurrencies and virtual currency),” the official government summary states. It continued, “ for operations related to the financial, exchange and collection or payment activity in and from the [Cuban] territory.”

The economic depression and increased embargo from the United States has caused many Cubans to find alternative methods of remittances. Foreign remittances are the main source of income for a majority of Cubans. Latin America is increasingly becoming a haven for cryptocurrency and the Cuban government–as with all communist regimes–wants to have a strategy of control over the industry.

Cuba Prepares to Regulate and Recognize CryptocurrenciesSourceEl Salvador Gets Crypto ATMS

In other news around Latin America, the first country in the world to adopt Bitcoin as a national currency has installed over 200 Bitcoin ATMs across the small country. 

El Salvador is gearing up for full adoption of their recent crypto laws. Beginning September 7th, the country will have a government application available to buy and sell Bitcoin. According to tweets from the President of El Salvador, Nayib Bukele, confirmed that all users who download the app will receive the equivalent of $30 USD in Bitcoin. 

“This will be what will happen on September 7: People will be able to download an application to receive payments or gifts in #bitcoin or DOLLARS,” tweeted Bukele in Spanish on Aug. 22. “If they want they will download it and if they don't want to, no. With it they will receive $ 30 equivalent in #bitcoin for consumption.If they want, if not, no.” 

Despite leading his country into the unknown, Bukele is bullish on his country’s decision. The beginning of September will be a key test for El Salvador, Cuba, and the world. 

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