The Cuban government has announced that it will recognize cryptocurrencies and enshrine them in law.
The official resolution states that the country's Central Bank, Banco Central de Cuba (BCC), will develop a set of rules for cryptocurrencies and licensing of cryptocurrency service providers in the Cuban market.
The document confirms the possibility of legalizing payments in cryptocurrencies. Moreover, all transactions will have to be monitored by the state.
Before this, Cuban President Miguel Diaz-Canel discussed possible plans for the introduction of digital assets at an online meeting with regional governors and politicians.
According to management, cryptocurrency can help the country escape from financial problems that have worsened due to US sanctions.
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