The Cuban government will acknowledge cryptocurrencies as a mode of payment under the regulation of its central bank, Bloomberg reported.

  • The Official Gazette published a resolution stating that the Central Bank can allow the use of crypto “for reasons of socio-economic interest,” but noted operations will remain under its control and could not be made for illegal activities.
  • The Central Bank will craft the rules and regulations for cryptocurrencies and will be in charge of establishing guidelines on the licensing of providers of related services within the country.
  • Due to the relatively fast transactions, cryptos are popular among people sending funds to the country from afar and those attempting to skirt regulations such as American restrictions on remittances to areas such as Cuba.

El Salvador earlier said it will recognize Bitcoin as a legitimate mode of payment to boost remittance inflows from citizens overseas. BTC is up 0.23%, ETH up 1.81%, and XRP up 2.14%.