{"id":8738,"date":"2021-08-27T12:37:45","date_gmt":"2021-08-27T11:37:45","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=8738"},"modified":"2021-08-27T12:37:52","modified_gmt":"2021-08-27T11:37:52","slug":"cubas-government-states-it-will-recognize-and-regulate-cryptocurrencies","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/cubas-government-states-it-will-recognize-and-regulate-cryptocurrencies\/","title":{"rendered":"Cuba’s government states\u00a0it will recognize and regulate cryptocurrencies"},"content":{"rendered":"\n
In the middle of a storm of protests, Cuba's government<\/a> announced that it will recognize\u2014and regulate\u2014cryptocurrencies as a form of payment.<\/h5>\n\n\n\n
\"Cuba's<\/figure>\n\n\n\n

According to the Associated Press, Cuba's government \r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>declared yesterday that it will recognize and regulate cryptocurrencies for financial purposes.<\/p>\n\n\n\n

The declaration came in the form of a resolution, which stated that the country's central bank, the Banco Central de Cuba<\/a>, will regulate how individuals can utilize cryptocurrencies such as Bitcoin and Ethereum.<\/p>\n\n\n\n

The announcement comes at a time when anti-government protests are raging in Cuba.<\/p>\n\n\n\n

Last month, protests erupted over a lack of food and medicine in the midst of a terrible economic crisis exacerbated not just by COVID-19, but also by international sanctions.<\/p>\n\n\n\n

At the time, President Diez-spokesperson, Canel's Bruno Rodriguez, blamed the protests on “salaried agents.”<\/p>\n\n\n\n

Aside from the shortage of basic essentials like food and medication, Cubans <\/a>are also reeling from the government's decision to eliminate the dual-currency system, which has resulted in many Cubans losing money when they exchange Cuban convertible pesos (CUCs) for the old Cuban peso (CUP).<\/p>\n\n\n\n

Other than “reasons of socio-economic interest,” the Cuban government provided little information about why cryptocurrencies will be regulated and acknowledged in Cuba. However, like in El Salvador, the action could be seen as a strategy of safeguarding wealth for ordinary people.<\/p>\n\n\n\n

El Salvador became the first country to adopt Bitcoin as legal cash earlier this year.<\/p>\n\n\n\n

While Cuba has not stated that any cryptocurrency will become legal cash, the news indicates an effort to integrate cryptocurrencies into Cubans<\/a>‘ daily life and payment demands.<\/p>\n\n\n\n

The government is also claimed to have stated that it will regulate how cryptocurrencies are used in the country and that these operations will not include illicit behavior.<\/p>\n","protected":false},"excerpt":{"rendered":"

In the middle of a storm of protests, Cuba’s government announced that it will recognize\u2014and regulate\u2014cryptocurrencies as a form of payment. According to the Associated Press, Cuba’s government declared yesterday that it will recognize and regulate cryptocurrencies for financial purposes. The declaration came in the form of a resolution, which stated that the country’s central […]<\/p>\n","protected":false},"author":13,"featured_media":8739,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[4062,4061,884],"class_list":["post-8738","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-crypotocurrencies","tag-cuba","tag-regulations"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2021\/08\/image-266.png","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/8738","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=8738"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/8738\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/8739"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=8738"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=8738"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=8738"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}