(Bloomberg) The Cuban government is aiming to recognize and regulate cryptocurrencies in a move aiming to encourage their use for remittances by its citizens abroad.
The government has said it will set rules for cryptocurrencies and provide a framework for license providers to offer related services in the country.
Cuba’s intended move comes amid a rise in the popularity of crypto assets among the digitally-savvy consumers after a tough embargo during the Trump era made it hard to use the dollars.
The anonymity of crypto transactions and the fact that payments can be made over long distances can encourage money remittances, which Cuba seeks to capitalize.
BTCUSD is up +0.75%, ETHUSD is up +0.57%.
