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31 Aug 2021

Central Bank of Cuba Started Regulating Cryptocurrencies

The Index Today

Cuba will now recognize and regulate cryptocurrencies such as bitcoin in their central bank. Resolution 215 which was published last week says that the central bank will set new rules for how to deal with digital currencies.

Central Bank of Cuba’s decision to join El Salvador in holding decentralized virtual cash could help the country to overcome the sanctions regime in the U.S., which was billed under President Donald Trump up to this time.

This resolution is hardly a good embrace of cryptocurrencies. The resolution includes a disclaimer warning citizens about the risks of virtual assets and the ancillary service providers, which the government says operate at the “margins of the banking and financial system.”

Boaz Sobrado, a London-based fintech data analyst, who spent four years working in crypto in Cuba, is optimistic that any sort of regulatory attention with respect to crypto is a good thing.

Sobrado said, “Regulators around the world, from communist Cuba’s central bank to the SEC, are trying to come to grips with the cryptocurrency industry. This implies that crypto is a global phenomenon and regulators have decided that it’s here to stay and worth engaging with.”

“Strangely enough it’s bringing some sort of legitimacy to the space. It’s gotten too big to ignore,” he added.

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