© Reuters
Investing.com – El Salvador and the Central African Republic have already laid the groundwork for it to be used as a legal means of payment.
There are, however, several other countries where the population is increasingly dependent on digital assets. One of them is Cuba. A country that has suffered from both US sanctions and economic problems.
People realized that bitcoin and other cryptos could be used without the government having access to them. In addition, it is possible to transfer funds anonymously across national borders.
The state apparatus sees this as a thorn in its side, because President Miguel Díaz-Canel likes to keep the reins in hand.
Faced with this, the government is trying to put an end to the underground economy through regulatory laws. The goal of these efforts is primarily greater transparency and is to be achieved through licensing. Only persons in possession of such a license are authorized to offer services in this domain.
For Cubans, cryptocurrencies are somehow the only way to make transfers abroad, as the United States ensures that traditional payment systems are not available, as reported by Reuters .
The former economist of the Central Bank of Cuba said of this:
“If the central bank is putting in place a favorable legal framework for cryptocurrencies, it is because it has already decided that it can bring benefits to the country.
Reduced costs for international transactions play a role, as does an alternative to dollar transactions, which are less susceptible to sanctions.”
By Marco Oehrl