Cuba Reportedly set to make Bitcoin Legal Tender and Regulate Cryptocurrencies
Cuba—a country that's always at loggerheads with the U.S—is reportedly planning to regulate cryptocurrencies and make Bitcoin legal tender, a move welcomed by its tech-savvy population.
News sources indicate that the country plans to set rules that will govern cryptocurrencies' role in payment. It is a decision that will directly bolster crypto, highlighting its benefit to the world and more so in struggling economies.
Specifically, the decision to find an alternative to the USD, a global reserve currency, was triggered by tighter restrictions during the Trump administration. At one point, Cuban banks had to stop accepting USD deposits. The U.S. is host to centralized international players who have for years now entrenched the dominance of the greenback,
With this shift in policy, it is reported that Cuban authorities will now begin distributing licenses to businesses keen on providing crypto-related services.
Notably, the decision follows El Salvador's announcement of accepting Bitcoin as legal tender and their subsequent efforts to develop relevant infrastructure to enable a smooth transition.
Unlike fiat, Bitcoin and crypto settlements are instantaneous and relatively cheaper than traditional remittance methods. The incorporation of Bitcoin, therefore, in any economy helps in promoting financial inclusion.
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