Cuban Central Bank recognizes the legitimacy of cryptocurrencies, Bitcoin can be officially traded and invested in
According to the official Cuban news agency "Latin News Agency", the Resolution No. 215 of 2021 issued by the Central Bank of Cuba (BCC) — acknowledging cryptocurrencies such as Bitcoin has officially come into effect on Wednesday.
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According to the official Cuban news agency "Prensa Latina," the Resolution No. 215 of 2021 issued by the Central Bank of Cuba (BCC) recognizing cryptocurrencies such as Bitcoin officially took effect on Wednesday.
With the Central Bank of Cuba recognizing the legality of cryptocurrencies, Bitcoin and other cryptocurrencies can now be used for commercial transactions and investments in Cuba. The Central Bank of Cuba first announced its plans to recognize and regulate cryptocurrencies in late August.
Resolution No. 215 of 2021 includes licensing requirements for cryptocurrency exchanges and other virtual asset service providers operating in Cuba.
While legalizing cryptocurrencies and assets, Cuba also simultaneously warns about the risks associated with cryptocurrencies.
Under the pressure of U.S. sanctions, by recognizing cryptocurrencies, Cubans sending remittances abroad can now avoid hefty fees.
Cuba also does not rule out gradually moving towards the direction of El Salvador, further opening up Bitcoin, potentially offering financial freedom to Cubans in economic distress.
This article is authorized to be reposted from Horizon News Network