Cuba has officially recognized cryptocurrencies such as Bitcoin in the interest of socio-economic imperatives. In order to adopt this policy, a resolution was passed to regulate cryptocurrencies under the monetary policy.
To this end, lawmakers passed Resolution 215, which was published on August 26 in the state-run Official Gazette, to set the regulatory norms. The regulation states that the central bank will impose new rules for dealing with cyber currencies. Furthermore, commercial providers will need a Banco Central de Cuba (BCC) license – Cuba’s central bank- to continue with their operations.
Popularity of Digital Currencies
As a result, the BCC’s announcement has opened up another route which was closed for Cuba because the US government had shut down most legal channels f...
