Cuba ready to allow crypto payments for socioeconomic reasons

TL;DR Breakdown: The Cuban government says it will recognize and regulate crypto payments.Crypto adoption has risen significantly in the country following the sanction imposed by the US government.  The government of the Republic of Cuba is ready to allow and regulate the use of Bitcoin and other cryptocurrencies within the country for payments, according to a Bloomberg report on Friday.  Cuba to support crypto payments Due to the embargo rules imposed on the country under former President Donald Trump, most Cubans find it difficult to remit money, especially with the United States dollars. As a result, cryptocurrencies have become very popular amongst Cubans as the go-to option for sending and receiving money freely, owing to their anonymity. Following the wake of cryptocurrency activities in the country, the central bank noted in a resolution on Thursday, it will recognize and regulate Bitcoin and crypto payments. The bank will establish rules to regulate crypto payments and how to license virtual asset service providers operating within the jurisdiction. The Cuban government is recognizing the use of cryptocurrencies “for reasons of socioeconomic interest,” according to the resolution. They will also enact security measures to ensure crypto payments in the country are controlled and don’t constitute illegal activities. US sanctions indirectly support crypto adoption In November 2020, Cryptopolitan reported ...