Cuba looking to adopt Bitcoin and other cryptocurrencies for payments
News

Cuba looking to adopt Bitcoin and other cryptocurrencies for payments

Saudu Clement
Saudu Clement

With El Salvador setting the pace, it appears the Cuban government may be the next to adopt Bitcoin as legal tender.

According to recent reports, the country is looking to embrace cryptocurrencies for payments. The President of the Caribbean nation, Miguel Diaz Canel, is working with other authorities to review possible ways to use cryptocurrencies to overcome the financial turbulence caused by COVID-19. Consequently, Cuba’s central bank will likely set rules for digital currencies and also determine how to license providers of related services within the country.

The economy of the nation has been struggling for years. It was hit further when former US President Trump implemented new sanctions that crippled the use of the dollar.

Thanks to their decentralized nature, Bitcoin and other altcoins could provide a viable alternative for Cuba. However, Cuba wants to ensure some level of control over the industry.

BTC PEERS reported in June that El Salvador became the first country to adopt Bitcoin as legal tender. Since then numerous other countries have been looking to mimic the move and adopt digital currencies into their systems.