Cuba’s CB to Allow Cryptocurrencies and Regulate Them

by in Cryptocurrency News

Crypto Cuba

The Republic of Cuba plans to legalize and regulate Bitcoin and other cryptocurrencies.

Related: Bitcoin use in El Salvador will be voluntary

On August 26, the country's states-issued news provider "Gaceta Official" announced Resolution 215. According to it, Cuba's Central Bank will establish new laws related to crypto.

To advertise crypto, commercials will need to get a license from the financial authority. Cuba decided to join El Salvador in allowing cryptocurrencies as there is a socioeconomic interest in the industry, Gaceta Official states.

More details like which cryptocurrencies will be legalized and what rules will be implied aren't known yet.

Countries in Latin America have been showing more interest towards the industry. The first country to legalize Bitcoin is El Salvador. In June, president Nayib Bukele’s proposal to make crypto legal was approved by Congress.

BTC will become a legal tender starting from September 7.

Trending: Cardano-based DEX Ardana Teams up With Near Protocol

On August 27, Honduras installed its first crypto ATM to make buying Bitcoin and Ether easier.