Cuba to recognize and regulate crypto

Cuba to recognize and regulate crypto

While the president of Minneapolis Fed arrogantly (and ignorantly) affirms that he “hasn’t seen any use case that is legitimate so far that Bitcoin solves”, millions of people around the would beg to differ.

Cubans are most certainly among them: poor country withered by the decades of US sanctions, suffering from weak currency, very difficult (and expensive) dollar remittances and inability to access the world finance markets.

Now there’s a way for Cubans to bypass the economic isolation they’ve been put into.

Crypto can be of a great tool to gain freedom, and it looks like even its Communist Party is starting to understand it. A recent resolution by the Cuban Central Bank officially recognizes the use of Bitcoin “for reasons of socio-economic interest” and sets a regulatory framework for the providers of crypto services. The text, while still sceptic of crypto, is important, because it brings a sort of legitimacy to it, allowing people to engage in crypto-related activities more openly.

History shows that messing up with another country’s internal affairs is not the best way to assure world peace and prosperity. Cuba can set a great example to other countries on the US blacklist, using crypto to access the world markets and thus diminish the US ability to control its economies.