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Crypto is now officially recognized in Cuba

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Authorities have been considering following El Salvador’s steps and make Bitcoin a legal tender for quite some time now. As the economy is struggling, sources claimed that the government would license businesses regarding crypto services they will provide for the public.

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Even though making Bitcoin a legal tender might not yet be possible, Cuba has started to dive into virtual currencies. Resolution 215 of 2021, which was issued by the central bank, is in force as of Wednesday. 

All regulations for using digital currencies in commercial transactions and investments are now in effect. The resolution also allows crypto service providers for financial operations to be officially licensed by authorities.

Despite legalizing financial services from crypto exchanges, the central bank has warned citizens about risks involving such operations. Virtual currencies aren’t part of a centralized environment like the bank. Hence, high volatility, lack of control, and other reasons can make them very risky to invest in.

Because of increasing pressure from the United States, many global money transfer companies no longer operate in the country. The new resolution could help Cubans with easier remittance flows from abroad.

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