Cuba's Government Will Recognize - and Regulate - Cryptocurrencies

The Associated Press reports: Cuba's government said Thursday it will recognize - and regulate - cryptocurrencies for payments on the island. A resolution published in the Official Gazette said the Central Bank will set rules for such currencies and determine how to license providers of related services within Cuba. The popularity of such currencies has grown among a technologically savvy group in Cuba as it has become harder to use dollars, in part because of toughened embargo rules imposed under former President Donald Trump... Because [cryptocurrencies] can be used for long-distance transactions that are supposedly anonymous, they are often popular with people attempting to evade government regulations - presumably including U.S. restrictions on sending money to places such as Cuba.

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