CUBA APPROVES CRYPTOCURRENCY SERVICES WITH NEW LICENSE

Fri 29 April 2022:

In an official directive, the Cuban government asked people engaged in using cryptocurrencies to obtain a license, since it has approved cryptocurrency-related services.

Last year, the government legalized the usage of cryptocurrencies for personal purposes in the country. The government said it would grant a license for up to a year, with the option to extend it for another year due to widespread interest in using the virtual currency in the country.

Reports claim the adoption of cryptocurrencies would help Cuba to skirt US sanctions as it battles an economic crisis. The country’s central bank has been granted the right to issue licenses with the new rule set to come into effect in May.

The central bank will consider licenses after evaluating the “legality, opportunity and socioeconomic interest of the initiative” the government directive said. Local and foreign companies without a legal license could face sanctions, reports said.

The country depends heavily on remittances sent by Cubans in the United States, however, economic sanctions against the country have hit remittances as reports claim cryptocurrencies could help Cuba in the current crisis.

SOURCE: INDEPENDENT PRESS AND NEWS AGENCIES

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