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Cuban Government to Recognize Cryptocurrencies

In the midst of protests, the Cuban government seeks to regulate Crypto payments.

Blockwatch
Photo by Sean Pavone

In an announcement to the Associated Press, the government of Cuba stated they’ll recognize and start regulating cryptocurrencies for payments. The Banco Central De Cuba–the central bank of the country–aims to govern the citizen’s ability to use cryptocurrencies like Bitcoin and Etherum, regulating their usage of digital currencies. 

Cuba’s Economic State of Affairs

This announcement was of course made during a time where Cuba has been facing a daring number of anti-government-related protests. The protests, which took place last month, were a result of the country facing an economic crisis thanks to a distinct lack of food and medicine. It didn’t help that the threat of the COVID-19 pandemic rode in like a hurricane, which only served to make things worse for wear. Foreign sanctions played a huge role in this situation as well.

A representative of President Diez-Canel, named Bruno Rodriguez, blamed “salaried agents” as he called them, at the time. 

Adding salt to the wound, the Cuban people have been dealing with the fallout of the government’s decision to end their dual-currency system–something that caused many citizens to lose their funds as they trade in Cuban convertible pesos (CUCs) for the traditional Cuban peso (CUP). 

While it’s speculated that this move from the government might be to preserve the wealth for the average citizen–like El Salvador–the Cuban government simply cited “reasons for socio-economic interest” as their reason for doing this, providing no other important information on the move. 

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