The Cuban government is allegedly planning to recognize and regulate cryptos for payments. The country had to temporarily stop accepting cash bank deposits in US dollars due to tighter restrictions set by the previous US President Donald Trump.
Based on Aljazeera, the Caribbean nation’s central bank wants to establish rules for mainstreaming crypto transactions. Cuban authorities are also expected to distribute the relevant licenses to businesses that are based on the cryptocurrency-related services that they offer.
Some sources allege that the strategy to allow crypto as a legal tender has been well received by Cuba’s tech-savvy population. Reports emerged that the country had to briefly suspend accepting cash bank deposits in United States dollars, given tighter restrictions set by former U.S. President Trump.
The struggling economies like El Salvador have also started to mainstream Bitcoin adoption. On Monday, Salvadoran President Nayib Bukele unveiled the construction of nationwide infrastructure to support the adoption of BTC.
El Salvador’s BTC adoption policy can mitigate general remittance costs and possibly change the remittance landscape across Central America, based on the Central American Bank for Economic Integration (CABEI).
The executive president of CABEI, Dante Mossi, thinks that El Salvador’s “out of this world experiment” may result in greater financial inclusion, and therefore, it is in CABEI’s best interest to support El Salvador in creating a technical infrastructure for Bitcoin adoption.