is Cuba going to be the next Country to regulate Crypto?

in hive-175254 •  2 months ago 

This year 2021 has started another topic to discuss in crypto. This topic is crypto acceptance and making it legal tender and this was started with the great move by El Salvador. Its the first country that has made bitcoin legal tender and now more countries are expected to follow the trend. This is not a big country but the step they have taken is quite big and if any big country joins it then it will another great move in making crypto legal tender. Maybe it will not be easy for big countries since they will have their own challenge and they might try to avoid this issue.

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Cuba could be the next country name in the list on the basis of news and updates.

Cuba’s move comes after El Salvador recently announced it would recognize the use of the cryptocurrency Bitcoin as a way to encourage remittances from its citizens living abroad. A resolution published in the Official Gazette on Thursday said the central bank will set rules on cryptocurrencies and determine how to license providers of related services within the communist state.

It seems like something is brewing in Cuba related to crypto and they might go one step ahead with crypto acceptance. Recently in one of the Official Gazettes Cuba's government has shared that they will regulate crypto and accept it for payment.

A new race has started where countries are adopting crypto in their payment system and seems like they have realized the potential of this new form of digital money. CDBC is a completely different thing and would have different use cases however people would get the option to use either fiat or crypto for buying goods or pay for services.

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We know that paying through digital money is very easy and convenient and if there is more demand for crypto then we can see more people coming in which will help the crypto market cap grow. Things have started with a good note but this is just the beginning and in the next 3-5 years we can see a significant change in the overall crypto space because there is a lot of action here.

Just suppose if we have a couple of countries that have accepted crypto as a way to buy goods or pay for services as we do with fiat then many other countries would surely try to give it a thought and explore possibilities this way. The possibility is never easy but requires the intention to explore and in the same way, we can say that anything can happen in crypto worlds because possibilities are endless and things will move to level if more countries join the trend.

Thank you so much.

Stay Safe

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Recently the latest development and positivity getting from the crypto space is really fascinating and I believe in years to come, more country will adapt the adoption of crypto more nationwide

hello @reeta0119,
it is curious what is happening in cuba, on the one hand the dictatorship of that country wants to control the resources that the citizens can manage and on the other hand the currencies are a weapon to give freedom to the people, I imagine that the Cuban state will want to control the currencies but if Russia or China have not achieved it I doubt that Cuba can do it and more if the United States approves a resolution to give free Internet to the island this will be a new war between a controlling state and a people that recovers its economic sovereignty we will see who wins, so far the currencies are winning, they won in Venezuela, they won in the United States, they won in China now it is the turn of Cuba.

Since all this appeared, there have also been those who do not believe in the strength that cryptocurrency has taken and is becoming stronger and stronger among small countries, it is the new wave that I am sure will give us more to talk about by 2022.
thank you

I love the amount of positive action I see in the crypto space and I think after few years we are going to have a robust crypto ecosystem in many countries. future is exciting.
@tipu curate 2

Hola amiga, the truth is great news, it would be very beneficial for all its inhabitants. Cuba is a country that needs another income and another type of support for its people. Thank you for sharing it.

This regulation has only one explanation, like all communist governments, always the group of people in power only think about how to enrich themselves and use all the tools offered by the state for their own benefit.

These guys who hold the positions in that kind of government know how they can get even much more wealth than they have, and they know the big profits they can get by regulating cryptocurrencies.

Greetings @ reeta0119
This initiative that the Caribbean country is taking, I am sure it will be replicated in many countries in the coming months.

The crypto world offers alternatives to all those countries that have financial restrictions and where transactions are not supervised by any regulatory body.

Thank you very much for sharing your publication

Greetings @reeta0119, without a doubt the use of cryptocurrencies is the boom of the moment, but its application in all fields is of great benefit. That Cuba is considering the use of it for the remittances of its members is a door that leaves open to many other possibilities and that can be taken into account for other countries.

It is an excellent case for using it in Cuba!