Cuba to recognize cryptocurrency to boost economy

The government of Cuba has announced it will recognize and regulate cryptocurrency on the island, citing “reasons of socio-economic interest.”

Cuba is the latest Latin American country to acknowledge the utility of cryptocurrencies.

In a resolution published Thursday, the Cuban government has said that the Banco Central de Cuba (BCC) will set rules for dealing with cryptocurrencies and determine how to license providers of crypto services within the country.

The resolution sets forth a framework for the central bank to follow, asserting:

“The BCC… may authorize the use of certain virtual assets in commercial transactions, and grant a license to virtual asset service providers for operations related to financial, exchange, and collection activities or payments.”

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