The Cuban government has announced that it recognizes digital currencies and will legislate their use in the Caribbean.
to the Report Cryptonews, the official Cuban state-run newspaper, says the country’s central bank (BCC) will draft a set of rules for digital currencies. In another part of the government announcement, it is stated that the Central Bank will prepare the license for related services in the country. In part of this announcement we read:
The Central Bank of Cuba may authorize the use of digital currencies in connection with civil and financial purposes and the use of digital assets in commercial transactions. This bank [همچنین] It can issue licenses to virtual asset service providers in the areas of finance, trading, collection and payment.
In another part of the published document, it is stated that all declared activities must be within the framework of Cuban law and these digital currencies cannot be used in illegal businesses and activities.
Last May, bills related to the plan were introduced in the Cuban Communist Party. It was then decided to consider the use of digital currencies to rid Cuba of its economic woes.
Earlier, Cuban President Miguel Díaz-Canel spoke in a virtual meeting with senior Cuban politicians and governors of various Cuban sectors about possible plans to adopt digital currencies.
The Cuban economy has not been in a good position for a long time. According to Reuters, as the economic situation in this country worsens, the influence of digital currencies in this country will increase more and more.
The US economic sanctions imposed under Donald Trump are one of the main reasons for the dire situation in the country. Eric Garcia, a digital currency expert in Cuba, says that some Cuban citizens still use digital currencies for their online purchases.
The Cuban Communist Party has taken a hard line on discussing citizens’ activities in cyberspace. The party recently issued communications laws, which were met with much opposition.