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Cuban Government Exploring Ways To Use Cryptocurrency

Şükriye Akdeniz

Sep 18, 2021

The Cuban government is trying to recognize and regulate cryptocurrencies to be used for payments

Earlier this year, despite many criticisms, El Salvador was the first country to declare Bitcoin a legal currency. Afterward, the number of countries aiming to take this step started to increase gradually. According to a report, the Central Bank of Cuba aims to enact rules that will allow the country to legally use digital assets.
CryptoPotato announced in May this year that they will seek answers to questions from Cuban President Miguel Díaz Canel, such as how cryptocurrencies can be used, by working with other authorities in the country.
Bloomberg reported early on August 27 that the local Official Gazette reported that the country was indeed planning to step into the digital asset space.
The difficult times of the Cuban economy were further damaged by the heavy sanctions imposed by the Trump administration. Johana Tablada, a senior Cuban ministry official, estimated that these sanctions cost the country about $20 billion.
Tablada interpreted the sanctions as follows:
“During this time, the damage to bilateral relations has been significant and the economic damage to Cuba has been enormous. We estimate it to be around $20 billion.”
As a result, the decentralized nature of Bitcoin and some cryptocurrencies may provide a viable alternative for Cuba.

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