Cryptocurrencies
Cuba Lays Groundwork to Legalize Cryptocurrency Transactions
- Central bank published statement, including risks, on Friday
- Citizens use digital assets as a means to evade state controls
A pedicab travels towards the National Capitol building in Havana, Cuba.
Photographer: Natalia Favre/BloombergThis article is for subscribers only.
Cuba’s communist government is trying to legalize and regulate the growing use of cryptocurrencies on the island as citizens ramp up transactions to evade state controls.
The central bank said Friday that it’s drafting rules for the legal use of such currencies in commercial transactions, and to issue licenses for providers of services connected with virtual assets. Bitcoin, Ethereum, Litecoin and Tether are already the most commonly used digital currencies on the island, the bank said.