On Thursday last week, the Cuban government declared that it intended to accept and regulate cryptocurrencies for payments in its territory. The Resolution published in the state Official Gazette says that the central bank will introduce new rules for cryptocurrencies including those regulating license issuance for crypto service providers. Cryptocurrencies received a well-known status among tech-savvy enthusiasts amid the US tightening the embargo since Donald Trump's presidency. Therefore, the dollar became much harder to transfer between Cuba and the US.
A few months ago, the Central American country of El Salvador announced that it recognizes bitcoin as a technology to transfer money from its citizens who live abroad. Due to its long-distance and anonymous transactions, such technology is very popular among people who want to avoid government restrictions on remittances, particularly, the US restriction for money transfers to other countries such as Cuba. The resolution states that the central bank can allow cryptocurrency transactions for "reasons of socioeconomic interest" but will regulate and control them. Additionally, these transactions must not be associated with illegal activity. Erich Garcia, a programmer who is a local expert on cryptocurrencies, said some Cubans are already using such devices, often via gift cards, for online purchases.
