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Cuba To Recognize And Regulate Bitcoin and Other Cryptos
Bitcoin News now admin /

On Thursday Cuba’s government said it would “recognize and regulate” Bitcoin and other cryptocurrencies for payments on the island, Bloomberg reported.

The local Cuban Official Gazette published a resolution which stated that the central bank will create rules for Bitcoin and other crypto to determine licensing laws for providers of crypto services on the island, Bloomberg reported.

The resolution stated the Central Bank has power to authorize the use of Bitcoin and other crypto for “reasons of socioeconomic interest”, according to Bloomberg. The resolution also said that the state will act as a check over the bank’s operations, and forbade the bank’s use of Bitcoin for “illegal activities”.