Cuba is set to approve cryptocurrency as money
By Bob Garcia
While it won’t be legal tender, cryptocurrency can be used to make consumer purchases
The cryptocurrency boom has touched Cuban territory in an incredible way, as it is reported that the country intends to give a better adoption to this digital currency. The Bank of Cuba, the country’s central bank, is responsible for handling all banking and financial policy in the country and is now in charge of issuing a new framework that better regulates cryptocurrencies and virtual assets.
According to what is stipulated in the Cuban law, it will begin to manage how people and instructions use the cryptocurrency. It is becoming increasingly common to see more and more countries entering the crypto space and doing everything possible to properly manage it. It is no secret that the world of finance has taken a completely new turn since the advent of cryptocurrencies and digital assets. Although there are many countries that still oppose this space, there are many others like Cuba that are trying to adapt to the new blockchain technology. This country joins the list of countries that have adopted Bitcoin, being the second after El Salvador, which will see the digital currency become legal tender in September.
The Bank of Cuba is in charge of regulating everything related to the country’s monetary policy. The financial entity is making use of its position to now issue rules on the use of cryptography by individuals and institutions. According to the policy, the bank is in charge of approving all cryptocurrencies, and the state authorities have no rights whatsoever over such action. In addition, traditional banks are tasked with preventing their platform from being used as a crypto exchange.