Arabic AR Chinese (Simplified) ZH-CN English EN French FR German DE Japanese JA Portuguese PT Russian RU Spanish ES Turkish TR
Connect with us

Hi, what are you looking for?

Cryptocurrency

Cuba is planning to regulate cryptocurrencies

Cuba is planning to regulate cryptocurrencies, according to a resolution published in its official national gazette on August 26th that was covered by the Associated Press and several other outlets.

According to the text, the resolution aims to establish rules for regulating the use of virtual assets, as well as granting licenses to service providers dealing with said assets. It would allow the Bank of Cuba to authorize virtual assets and service providers “for reasons of socioeconomic interests.”

In this case, virtual assets refer to the “digital representation of value” that can be traded or digitally transferred, and utilized for payments or investments. This definition covers other terms like digital assets, crypto assets, cryptocurrencies, digital currency and virtual currency.

Cryptocurrencies could be one way to ease the process of sending remittances from the U.S. to Cuba, Gizmodo points out. Sending money between the two countries became more difficult after former U.S. President Donald Trump imposed sanctions on remittances last year.

theblockcrypto

Featured

Bitcoin Mining

Despite a $72 million rescue offer from creditors, concerns have been raised about the general viability of the Bitcoin trading community amid a protracted...

Altcoin

Ripple is attempting an upside break above the $0.365 resistance zone against the US Dollar. XRP price could fail to gain pace if it...

Bitcoin

Bitcoin price is facing resistance near $17,000. BTC could start another decline unless there is a strong move above the $17,000 resistance zone. Bitcoin...

Ethereum

Ethereum started a fresh decline from the $1,320 resistance against the US Dollar. ETH is struggling and remains at a risk of a move...