The Cuban government has set plans in motion to acknowledge and regulate cryptocurrencies as a means of payment in the country. Authorities will give licenses to businesses depending on the crypto service they render and set policies for crypto transactions.
Due to the difficulty in sending and using US Dollars, crypto has become more popular among the technologically savvy in the country. The group welcomed the news of the government’s intention as strict regulations by former American president, Donald Trump, caused banks to stop accepting USD. Although there were assumptions that the current president, Joe Biden, would move to ease down on the restrictions, he set new sanctions.
Countries with struggling economies have also begun to put plans in place for Bitcoin (BTC) adoption. On Monday, the president of El Salvador, Nayib Bukele, announced that the country had commenced the construction of infrastructures for BTC adoption.
The Central American Bank for Economic Integration (CABEI) claims that there would be a decrease in the total cost of remittance if El Salvador adopts Bitcoin. CABEI’s executive president, Dante Mossi, described the move as “out of this world” and says he believes that the move would lead to higher financial inclusion. In view of this, the organization would help El Salvador build a technical framework to help with BTC adoption.
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