Cuba is going to recognize and regulate crypto. Recently, they stopped accepting bank transactions from the United States after Donald Trump established strict rules. As a result, they are currently looking for solutions.
Cuba accepts crypto
One of these solutions could be crypto, for example, and it is reported that they are already working on this. Aljazeera, the Cuban central bank, indicates that it is currently working on rules that would allow crypto transactions to become normal. So it could just be that Cubans will soon be buying Big Macs with crypto.
The idea is well received by the people, as they were also the ones who suffered from having to stop money transactions from the US.
Crypto in other countries
Cuba is not the only country that accepts crypto as a means of payment. Indeed, it is becoming increasingly popular in struggling economies. El Salvador has also recently begun experimenting with accepting Bitcoin (BTC) as a means of payment. The president of El Salvador, Nayib Bukele, announced that work is underway to create a structure that will make Bitcoin accessible and usable by everyone.
A big part of Central America’s economy is remittances. Remittances are remittances that come residents who have emigrated to work elsewhere. For example, this could be someone from El Salvador who is in the U.S. to work, but still has their family living in Cuba. Accepting Bitcoin, for example, would make it much cheaper for these workers to transfer money to his family, and this therefore improves the country’s prosperity.
Dante Mossi, the director of the Central American Bank for Economic Integration (CABEI), calls this an “out of this world” experiment and expects it to bring about more financial inclusion, something that of course no country will say no to.