Cuba Is planning to Recognize Bitcoin as a Payment Method

bitcoin

The Central bank of Cuba will introduce a framework that will allow Bitcoin Payments in a legal way. 

After the decision of El Salvador’s president, Nayib Bukele, to adopt Bitcoin as a legal tender, Many countries’ government authorities are influenced and taking their possible best decisions to bring the use of Bitcoin in remittances services. A recent report also claimed that the central American region’s states may follow El Salvador’s rule of Bitcoin in remittances for cross border payments. 

Related: Neighboring countries will follow El Salvador’s example of Bitcoin : Dante Mossi

The Official Gazette published a document. That document claimed that the central bank of Cuba will soon bring a legal framework rule that will make the use of Bitcoin in remittances. 

The legal framework on the Bitcoin payments, will give license for the financial services to facilitate the transactions with the use of Bitcoin with the perfect maintenance of state control of its operations.

In May Miguel Díaz Canel , president of Cuba, already considered the use of crypto for the payment purpose. And claimed that convenient use of the crypto will help the country’s economy.

It is worth noting here that Trump-era policy restricted Cuba for the U.S remittance. Since in the present time it is under review by the administration of Biden. But such a ban on Cuba will surely force authorities to bring the adoption of crypto assets. 

There is around $2-$3 billion per year fund that usually goes under the remittances, So for Cuba it is mandatory to bring those systems which helps them to save charges in remittances.

Read also: Indian CBDC pilot trials may commence in December : RBI governor