Bitcoin (BTC), which was once a small business that was living somewhere on the internet is now really starting to make money in the world of money! After El Salvador, which recognizes bitcoin as legal tender, Cuba has now also announced payments in cryptocurrencies such as bitcoin, Ethereum (ETH) employment Cardano (ADA) to accept and organize. For Cuba, cryptocurrency can provide an important result given the situation in which the country finds itself.
according to a tool From Bloomberg, citing an article from the Cuban Official Gazette, the island’s government and central bank announced their intention to take this step. The central bank will set rules for service providers who want to facilitate these payments. The Central Bank also determines which permits are required for this purpose.
Cuba is a country that is struggling economically. The situation there has become even more dangerous after the sanctions imposed by former US President Donald Trump. As a result, a large group of Cubans have already turned to cryptocurrency as a solution to making online payments, among other things.
For a country like Cuba, cryptocurrency can provide an important result. Because of its decentralized nature, no government agency can stop transactions. This makes it possible, among other things, for Cubans abroad to send money to their families without interference from any party. Sending money using cryptocurrency is usually several times cheaper than traditional means.
Thus, the reason why Cuba wanted to take this step was “out of social and economic interest”. It is not clear at this time how and when the guidelines and plans will be ready.
El Salvador goes a little further than Cuba. This country will soon recognize Bitcoin as legal tender. The law goes into effect on September 7. The country is now preparing for this moment, for example 200 Bitcoin ATMs have already been installed.
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