After El Salvador made history earlier this year by accepting bitcoin as legal tender, the number of countries planning to emulate the move continues to grow.
A recent report showed that the Cuban Central Bank wants to implement rules that enable the nation to use digital currencies legally.
Several press reports in May of this year indicated that Cuban President Miguel Diaz-Canel worked and coordinated with other authorities in the country to review possible ways of how to adopt cryptocurrencies to overcome the financial turmoil, which intensified after the spread of the Corona virus.
Earlier today, August 27, Bloomberg cited the local Gazette indicating that the Cuban nation is already planning to enter the digital asset space.
The report noted that the Cuban government, working alongside the Central Bank, wanted to recognize and regulate cryptocurrencies as a means of payment.
The Central Banking Authority will implement the rules and determine how to license providers of such services that can operate within the State of Cuba.
The Cuban economy has been suffering for years, taking another blow when the administration of former US President “Trump” imposed new sanctions and paralyzed the use of the dollar.
A recent estimate by a senior official in the Cuban Ministry, Johana Tabalada, indicated that these measures cost the country about $20 billion.
Talabata commented on this by saying:
The damage to bilateral relations during this period has been great, and the economic damage to Cuba is enormous.
We estimate it at about $20 billion.
Thus, the decentralized nature of Bitcoin and some cryptocurrencies could provide a viable alternative to Cuba.
The country wants to ensure that cryptocurrency operations are to some extent controlled and used for reasons of social and economic interests.
It is noteworthy that El Salvador was the first country to accept Bitcoin as legal tender.
Its law will go into effect in less than two weeks.