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On Thursday Cuba’s government said it would “recognize and regulate” Bitcoin and other cryptocurrencies for payments on the island, Bloomberg reported.
The local Cuban Official Gazette published a resolution which stated that the central bank will create rules for Bitcoin and other crypto to determine licensing laws for providers of crypto services on the island.
The resolution stated the Central Bank has power to authorize the use of Bitcoin and other crypto for “reasons of socioeconomic interest”, according to Bloomberg. The resolution also said that the state will act as a check over the bank’s operations, and forbade the bank’s use of Bitcoin for “illegal activities”.
“Because of tough embargo rules in Cuba it has become difficult to use dollars, and as a result the popularity of Bitcoin has grown among Cuba’s technologically savvy.”
In other trending BTC News today: Midas Touch Director gives Bitcoin target of $100K or higher in coming months while Zoran Kole shared the following long term price prediction for the king cryptocurrency:
“Friendly reminder that you are likely living in the timeline where Bitcoin eventually goes to $14,000,000 per coin.
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