Cuba officially recognizes crypto as means of payment

It’s official: Bitcoin and other crypto are recognized as a means of payment in Cuba and can be legally used for commercial transactions and investments. 

The Resolution of Banco Central de Cuba also foresees a licensing regime for crypto exchanges and other providers of crypto services operating in Cuba.

It’s a welcome move for a poor country withered by the decades of US sanctions, suffering from weak currency and inability to access the world finance markets. Moreover, Cuba has the highest costs of dollar remittances among the LatAM countries, making it much harder for the Cubans working abroad to send money home.

Now there’s a way for Cubans to bypass the economic isolation they’ve been put into, using crypto to freely connect with the world.

Following in El Salvador’s footsteps, Cuba is setting a great example of emancipating from the dollar. Who’s next?