Good for them but given that they're still in a dictatorship with Raul Castro in lead, I don't think that we're going to see any difference if bitcoin gets accepted in the country.
Even though the leader Raul Castro has a dictatorial attitude, but maybe the policy of legalizing Bitcoin will have a different effect for Cuba. I believe this is because the agreement to legalize bitcoin is in the hands of leaders in a country 
Topic: Cuba the next country to accept cryptocurrencies? (Read 555 times)
Cuba is a country that has experienced an economic crisis for a long time, a high poverty rate due to uncontrolled inflation is a difficult factor for trying to develop like other countries, if the government tries to legalize bitcoin then this is a smart solution that will make the economy try to rise, of course there will be many an opportunity for all citizens trying to improve the economy if the government legalizes bitcoin.
Before fantasizing about Cuba's economic rise, you should ask yourself and many people here, whether our economy has improved a hundred percent from crypto or just five to ten percent of participants improved, such legalization only targets a small audience in Cuba and this plan also just drifted into history without making any useful contribution to Cuban society. In addition, the flying flag of Cuba is not a symbol that can mobilize resources and promote the role of crypto, it is quite difficult to believe their acceptance. 
Cuba is a country that has experienced an economic crisis for a long time, a high poverty rate due to uncontrolled inflation is a difficult factor for trying to develop like other countries, if the government tries to legalize bitcoin then this is a smart solution that will make the economy try to rise, of course there will be many an opportunity for all citizens trying to improve the economy if the government legalizes bitcoin.
How's the news from Cuba? Began accepting bitcoin and the economy "flourished"? 
People have become richer, prices are more acceptable, private business has received an impetus to development, and the market is saturated with affordable products and goods?
After El Salvador many countries thinking about this specially those are facing some serious troubles around sanctions or other, but its adoption is increasing very quickly, but one matter is going to be against Cuba that they are controlled and bitcoin is self controlled It's completely opposite, and I don't think it's going to solve their current problems because now they are in deep troubles due to their own long term ignorance. People have become richer, prices are more acceptable, private business has received an impetus to development, and the market is saturated with affordable products and goods? If they have no personal agenda or anything related to personal benefits and working for all their peoples, then hopefully this will help them, and they will be able to regroup their economy and able to give peoples their better way of life.
cuba is still considered as a communist country by some political ideologists.
bitcoin will never be acceptable there.
bitcoin will never be acceptable there.
How's the news from Cuba? Began accepting bitcoin and the economy "flourished"? People have become richer, prices are more acceptable, private business has received an impetus to development, and the market is saturated with affordable products and goods?
People have become richer, prices are more acceptable, private business has received an impetus to development, and the market is saturated with affordable products and goods? 
This is really good news! We have already known that Latin American countries have been very interested in making Bitcoin legal tender. El Salvador has started this chain. And now, finally we are seeing a new country doing so also. But this is the first step for it of course. First, they started leaning towards accepting payments with Bitcoin. Next, they will be leaning towards making Bitcoin legal tender as El Salvador.
This is very good news for all of us who are related to the cryptocurrency world. Cause Day by day who will understand the importance of cryptocurrency, they will take positive decision so it will very help another county to take positive decision.This is good development towards crypto ecosystem so hopefully their government will not get discourage for the current market flaws since if they get distracted by the bearish market happening maybe they will think twice about adopting it but so far we can still say that we are doing great eventhough market drops so hopefully they can seal this and adopt the potential of bitcoin towards their system.
The adoption intends for long term results, the first step is to legalize the use of bitcoin and maybe consider it as a legal tender, and eventually, it would result in greater positive feedback on the economy as money will enter their country that does not need to go first with the conversion of foreign fiat.
I think they are inspired by El Salvador, a country that has already adopted bitcoin, and they decided to follow it.
The drop is just temporary, let's bear that in mind and let's believe that it will be bullish in the future as real adoption increases.
Lets hope that this one will be seen by the government since if they find how questionable the market is toward this season then maybe they will back off since we can't deny its a huge threat to their economy if they don't know what they are doing or to do in this current times where bitcoin and alts price drop. Lets see how the new adoption roll and lets hope that they will be the next country announce the adoption of bitcoin and make it as a legal tender on their country.
This is really good news! We have already known that Latin American countries have been very interested in making Bitcoin legal tender. El Salvador has started this chain. And now, finally we are seeing a new country doing so also. But this is the first step for it of course. First, they started leaning towards accepting payments with Bitcoin. Next, they will be leaning towards making Bitcoin legal tender as El Salvador.
This is very good news for all of us who are related to the cryptocurrency world. Cause Day by day who will understand the importance of cryptocurrency, they will take positive decision so it will very help another county to take positive decision.This is good development towards crypto ecosystem so hopefully their government will not get discourage for the current market flaws since if they get distracted by the bearish market happening maybe they will think twice about adopting it but so far we can still say that we are doing great eventhough market drops so hopefully they can seal this and adopt the potential of bitcoin towards their system.
The adoption intends for long term results, the first step is to legalize the use of bitcoin and maybe consider it as a legal tender, and eventually, it would result in greater positive feedback on the economy as money will enter their country that does not need to go first with the conversion of foreign fiat.
I think they are inspired by El Salvador, a country that has already adopted bitcoin, and they decided to follow it.
The drop is just temporary, let's bear that in mind and let's believe that it will be bullish in the future as real adoption increases.
This is really good news! We have already known that Latin American countries have been very interested in making Bitcoin legal tender. El Salvador has started this chain. And now, finally we are seeing a new country doing so also. But this is the first step for it of course. First, they started leaning towards accepting payments with Bitcoin. Next, they will be leaning towards making Bitcoin legal tender as El Salvador.
This is very good news for all of us who are related to the cryptocurrency world. Cause Day by day who will understand the importance of cryptocurrency, they will take positive decision so it will very help another county to take positive decision.This is good development towards crypto ecosystem so hopefully their government will not get discourage for the current market flaws since if they get distracted by the bearish market happening maybe they will think twice about adopting it but so far we can still say that we are doing great eventhough market drops so hopefully they can seal this and adopt the potential of bitcoin towards their system.
This is really good news! We have already known that Latin American countries have been very interested in making Bitcoin legal tender. El Salvador has started this chain. And now, finally we are seeing a new country doing so also. But this is the first step for it of course. First, they started leaning towards accepting payments with Bitcoin. Next, they will be leaning towards making Bitcoin legal tender as El Salvador.
This is very good news for all of us who are related to the cryptocurrency world. Cause Day by day who will understand the importance of cryptocurrency, they will take positive decision so it will very help another county to take positive decision.This is really good news! We have already known that Latin American countries have been very interested in making Bitcoin legal tender. El Salvador has started this chain. And now, finally we are seeing a new country doing so also. But this is the first step for it of course. First, they started leaning towards accepting payments with Bitcoin. Next, they will be leaning towards making Bitcoin legal tender as El Salvador.
This is very good news for all of us who are related to the cryptocurrency world. Cause Day by day who will understand the importance of cryptocurrency, they will take positive decision so it will very help another county to take positive decision. 
So I am assuming, previously, they are converting their crypto mostly via p2p exchange?
Yeah, I wonder about that too. I'm also wondering what the adoption rate for bitcoin is in Cuba, though I doubt there's any reliable data on that. If this is true and Cuba is planning on "legalizing" bitcoin (I'm not sure that word is appropriate here), I think that's a fantastic thing as long as the Cuban government doesn't require its citizens to register their BTC addresses or anything like that. That would be a surveillance nightmare. Too bad there isn't a Cuban local board on bitcointalk. I suspect there are reasons why one doesn't exist.
Lately, I have been thinking that bitcoin is just a tool that governments cannot like if they want to carry out the usual monetary policies. Typically, most governments tend to print money near the elections or under any excuse available. If you adopt bitcoin you would have an economy that, on one side, will have a legal tender that is inflationary and then bitcoin, which for now is deflationary.
What would you pay salaries and pensions with? What would you hold as a reserve? I can only imagine the politics around these decissions.
So I am assuming, previously, they are converting their crypto mostly via p2p exchange?
Yeah, I wonder about that too. I'm also wondering what the adoption rate for bitcoin is in Cuba, though I doubt there's any reliable data on that. If this is true and Cuba is planning on "legalizing" bitcoin (I'm not sure that word is appropriate here), I think that's a fantastic thing as long as the Cuban government doesn't require its citizens to register their BTC addresses or anything like that. That would be a surveillance nightmare. Too bad there isn't a Cuban local board on bitcointalk. I suspect there are reasons why one doesn't exist.
When El Salvador accepts bitcoin as a legal payment then they get a lot of benefits, this certainly makes other countries to follow El Salvador. now Cuba is planning to accept bitcoin so this will make the future of bitcoin even brighter, I'm sure bitcoin will continue to skyrocket so that it becomes the most valuable asset if it is legalized in Cuba.
The case of El Salvador is very different from that of Cuba, because El Salvador enjoys many freedoms, freedoms that people enjoy having facilities to acquire goods and services, houses, cars, credits, which is very different from Cuba where everything is Centralized by the government, the government is the one who decides anything for its inhabitants, although BTC entering Cuba would be something exceptional, it would be an exit for many, but as long as Cubans trade with BTC and cryptocurrencies away from any control for part of your government.
Anyway, if they manage to adopt it in Cuba, it would be a higher demand volume for the entire crypto market, which would cause BTC to rise more in price, this would be a good consequence for the market in general.
Cuba is my favorite country for a long time, I can't wait to see it officially try to become a crypto-adopting country like El Salvador. the Cuba economy will definitely boost when they officially make bitcoin a legal tender too..
After El Salvador's making Bitcoin legal tender, we are finally seeing another country which is leaning towards accepting Bitcoin as a payment method at least. Latin American countries have been observing El Salvador's actions since it made Bitcoin legal tender. They just want to understand the possible results of taking such action. And it is totally normal actually. Because Bitcoin is a volatile asset. It is not easy to make big decisions like this.
I'm glad that there are finally other countries that might be inspired by what El Salvador did by making Bitcoin a legal tender. This is a very good thing
with more and more countries starting to accept Bitcoin, will indirectly make Bitcoin more popular and of course the price of Bitcoin will also increase.
This is a positive trend that the crypto community is hoping for, as more countries accept Bitcoin, then the Bitcoin adoption process will be faster.
Question for all participants in this topic:
1. Please answer the question - how exactly, the adoption of bitcoin as a means of payment, solved the problems of the stagnating economy and the local population? Just write in more or less detail what will happen?
2. If the main advantage of bitcoin is deflationary, or at least non-inflationary model, what prevents the state from carrying out a reform, replacing the existing depreciated pesos with stable pesos, with a non-inflationary concept?
Bitcoin will not solve the problems of the stagnant economy, however it can solve one of the big problems that Cubans are facing, those that are outside the country and have family there would like to send money to their family members but a great deal of that money is stolen by the government, so what do they do? If they do not send the money then their family members suffer but if they do then they support the government they hate so much, by using bitcoin they can send money to their family members while at the same time they avoid to support the government, and that is huge.1. Please answer the question - how exactly, the adoption of bitcoin as a means of payment, solved the problems of the stagnating economy and the local population? Just write in more or less detail what will happen?
2. If the main advantage of bitcoin is deflationary, or at least non-inflationary model, what prevents the state from carrying out a reform, replacing the existing depreciated pesos with stable pesos, with a non-inflationary concept?
Then the question is - what was forbidden to them "yesterday" to send bitcoin or any other crypt to their relatives? There is Internet in Cuba, I know for sure, good or bad, this is another question, but it exists, and this is already enough for accepting transactions!
The fact that the Cuban government is thieves and they stole money from Cubans living in other countries and helping their families - so this problem will not be solved by the crypt, they can in the same way, since it is an OFFICIAL decision, make a gateway or the like, which will have a monopoly right to pass such payments, and everything will happen again ...
It is unlikely that the government, which is used to robbing its people, will suddenly "bite off the hand" that puts them in their pockets?
Until no final confirmation about their acceptance, it was still uncertain and these leaders might change their decisions as well. Those countries who are giving support to crypto are subject to this but can't hide the fact that it needs a law to cover such action which takes months or even a year before it is officially and legally proclaims as an accepted currency. But for now, it was still a rumor until it was finalized and of course, this was a job opportunity for the Cubans.
That is not correct, because if we could talk about it and predict it beforehand then we could make a profit based on it. El Salvador may have not been a big one but Cuba is bigger and it doesn't stop with just Cuba neither, that would make it second nation and then a third will appear and a fourth and it will grow. Which means if we could invest right before it happens and sell right after then we could actually make a profit based on the news.This is why people keep talking about it, yes it is uncertain and we will never know until they make it legal but that doesn't mean that we should just sit and wait for them to make it legal, we should try to guess if they will do it or not in order to make a lot of profit. Cuba making crypto a legal tender will surely have a big impact over the world and that is what we need to predict right now, that is a big discussion.
Question for all participants in this topic:
1. Please answer the question - how exactly, the adoption of bitcoin as a means of payment, solved the problems of the stagnating economy and the local population? Just write in more or less detail what will happen?
2. If the main advantage of bitcoin is deflationary, or at least non-inflationary model, what prevents the state from carrying out a reform, replacing the existing depreciated pesos with stable pesos, with a non-inflationary concept?
Bitcoin will not solve the problems of the stagnant economy, however it can solve one of the big problems that Cubans are facing, those that are outside the country and have family there would like to send money to their family members but a great deal of that money is stolen by the government, so what do they do? If they do not send the money then their family members suffer but if they do then they support the government they hate so much, by using bitcoin they can send money to their family members while at the same time they avoid to support the government, and that is huge. 1. Please answer the question - how exactly, the adoption of bitcoin as a means of payment, solved the problems of the stagnating economy and the local population? Just write in more or less detail what will happen?
2. If the main advantage of bitcoin is deflationary, or at least non-inflationary model, what prevents the state from carrying out a reform, replacing the existing depreciated pesos with stable pesos, with a non-inflationary concept?
After El Salvador's making Bitcoin legal tender, we are finally seeing another country which is leaning towards accepting Bitcoin as a payment method at least. Latin American countries have been observing El Salvador's actions since it made Bitcoin legal tender. They just want to understand the possible results of taking such action. And it is totally normal actually. Because Bitcoin is a volatile asset. It is not easy to make big decisions like this.
It is not just about Cuba, I think it’s high time that every country accepts Bitcoin and legalize it. Before I came across this topic I saw someone that was pointing out on how Bitcoin can be used the wrong way and how it has been making governments to dislike Bitcoin.
Banning Bitcoin is not a solution to all those problems, rather the government should accept Bitcoin and regulate it . That way they will be able to have more control over it, although their control wouldn't be 100%, at least it will be leading us to somewhere. And with the help of the government would be able to track down those who are using Bitcoin the wrong way and promote the good use of it. Let’s hope that’s more and more countries continue to make Bitcoin legal.
Banning Bitcoin is not a solution to all those problems, rather the government should accept Bitcoin and regulate it . That way they will be able to have more control over it, although their control wouldn't be 100%, at least it will be leading us to somewhere. And with the help of the government would be able to track down those who are using Bitcoin the wrong way and promote the good use of it. Let’s hope that’s more and more countries continue to make Bitcoin legal.
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I wonder what Bitcoin haters think about this news 'lol'...the domino effect of El Salvador accepting bitcoin as a legal tender actually happened. After Cuba, dozens of other countries will do this too. in the next few decades, 75% of countries in the world will have adopted bitcoin.
Cubans who escaped cuba, have used crypto to send money to their families in cuba, for many years.
Sending money to cuba via wire transfer can have (I think) 40% in taxes and fees. Cubans used bitcoin/crypto to circumvent high taxes and fees.
"Accept cryptocurrencies" means cuba's government wants to tax and collect significant portions of crypto payments entering the country.
Right they were bypassing the traditional and modern methods of fund transfer dur to high feed and strict regulations of US government under Donald Trump and now they have extended the restriction under Biden rules also.This is one report :Sending money to cuba via wire transfer can have (I think) 40% in taxes and fees. Cubans used bitcoin/crypto to circumvent high taxes and fees.
"Accept cryptocurrencies" means cuba's government wants to tax and collect significant portions of crypto payments entering the country.
Quote
Sending and receiving money between the U.S. and Cuba became extremely difficult under the Trump administration, according to Dr. Mrinalini Tankha, a professor of anthropology at Portland State University, who has been doing research on Cuba for 10 years.
In 2020, Western Union, a particularly significant channel for remittances that had been operating in Cuba for more than 20 years, shuttered all of its 400-plus locations, amid increasingly aggressive Trump-era sanctions.
In 2020, Western Union, a particularly significant channel for remittances that had been operating in Cuba for more than 20 years, shuttered all of its 400-plus locations, amid increasingly aggressive Trump-era sanctions.
Moreover the government is also finding way to gain more tax revenue aside from tourism from the globe as more users will be able to pay directly in bitcoin and taxation will be improved booming the economy.So they are onto the same move.But if they regulates it will be beneficial for the residents in future.
Question for all participants in this topic:
1. Please answer the question - how exactly, the adoption of bitcoin as a means of payment, solved the problems of the stagnating economy and the local population? Just write in more or less detail what will happen?
2. If the main advantage of bitcoin is deflationary, or at least non-inflationary model, what prevents the state from carrying out a reform, replacing the existing depreciated pesos with stable pesos, with a non-inflationary concept?
1. Please answer the question - how exactly, the adoption of bitcoin as a means of payment, solved the problems of the stagnating economy and the local population? Just write in more or less detail what will happen?
2. If the main advantage of bitcoin is deflationary, or at least non-inflationary model, what prevents the state from carrying out a reform, replacing the existing depreciated pesos with stable pesos, with a non-inflationary concept?
Until no final confirmation about their acceptance, it was still uncertain and these leaders might change their decisions as well. Those countries who are giving support to crypto are subject to this but can't hide the fact that it needs a law to cover such action which takes months or even a year before it is officially and legally proclaims as an accepted currency. But for now, it was still a rumor until it was finalized and of course, this was a job opportunity for the Cubans.
Because they can be used for long-distance transactions that are supposedly anonymous, they are often popular with people attempting to evade government regulations - presumably including US restrictions on sending money to places, such as Cuba.
Cuba isn't covered by the US regulations, it's a country not a territory of the USA. But this doesn't mean anything though, I am sure that the only one that will benefit from all of this are the elite class in the country. the news is overflowing in the net at the moment ... cuba is supposed to be the next country after el salvador to accept Bitcoin and other cryptocurrencies as an official legal tender. 
This is very good news for all already acceptance county and who are interested and trying to accept Digital currency and finally very good news for all trader and investor who is involved with currency wold from 2009 to till.So its a ammaizing news for all of us. Quote
Cuba is set to recognize and regulate #Bitcoin as a payment method in the country.
https://www.btctimes.com/news/cuba-set-to-recognize-bitcoin-as-payment-methodQuote
Havana: Cuba's government has said it will recognise — and regulate — cryptocurrencies for payments on the island.
https://economictimes.indiatimes.com/markets/cryptocurrency/cuba-to-recognise-and-regulate-cryptocurrencies-for-payments/articleshow/85678549.cmsQuote
After El Salvador made history earlier this year by accepting bitcoin as a legal tender, the number of countries planning to mimic the move continues to grow. A recent report showed that Cuba’s Central Bank wants to implement rules enabling the nation to utilize digital assets legally.
https://cryptopotato.com/cubas-government-looking-to-recognize-bitcoin-and-crypto-for-payments-report/Quote
A resolution published in the Official Gazette said the Central Bank will set rules for such currencies and determine how to license providers of related services within Cuba.
https://www.bloomberg.com/news/articles/2021-08-27/cuba-to-recognize-and-regulate-cryptocurrenciesSaw this on the news yesterday and this can be good news. However, I expect to see some international bankers and related organizations warning Coba about accepting bitcoin. The whole point is a country such as El Salvador and Cuba is accepting bitcoin because they don't have strong fiat and in the other hand they are suffering economic issues and economic sanction by the strong countries, here Bitcoin can help both the goverment and people to solve the economic issues such as not having bank accounts. I hope to see this happening in other countries soon.
There governmemt look for alternative and they are going unto the best choice since bitcoin has no govern bodies controlling it and they might get the benefits from its adoption but maybe best for now is they educate their people about bitcoin since people might protest against it like what El Salvador Oldies did as they don't know how to use or they don't lile its volatility.
But anyways good luck for the country who will accept bitcoin so hopefully we can see great result for its adoption.
This is really good news! We have already known that Latin American countries have been very interested in making Bitcoin legal tender. El Salvador has started this chain. And now, finally we are seeing a new country doing so also. But this is the first step for it of course. First, they started leaning towards accepting payments with Bitcoin. Next, they will be leaning towards making Bitcoin legal tender as El Salvador.
Recent news about El Salvador accepting cryptocurrencies and they give every El Salvadoran some free BTC each for free. I am very impressed by El Salvador offering this BTC , And followed by Cuba who is really pleased that BTC is getting more and more accepted in different countries and becoming a popular currency for sure BTC will become more and more worthless in the future. 
Cuba has way too much trouble to worry about crypto right now, they are doing horrible at the moment with the new government, before this one they were doing just fine with Castro, they weren't the biggest nation in the world and yes they lacked a lot of technological improvements that many major other countries lived but they were not living in poverty neither, they had food and shelter and health and education and all of those things are enough to make a person live, what else do you really need?
You know you will have a house at all times, you know you will be fed at all times, you know if you get sick you will be treated for sure, and you know you will study for free in great education system, if life gives you all of these then you must always be happy. However now people are poor and hungry and government can't handle that, they need to fix that first before considering bitcoin and anything related to crypto.
I believe that bitcoin would be the perfect situation for exact same reason. If they are having so much trouble with what they are doing right now and there is poverty going on, can you imagine how much better they would become if they switched to bitcoin or at least offered it as an option. I am not saying that they should be able to lift off from poverty all thanks to bitcoin but there is a good chance that you can hide behind an anonymous nickname, work from Cuba, and make bitcoin as income and that way you could avoid all the bans that are put into Cuba and working with USA.You know you will have a house at all times, you know you will be fed at all times, you know if you get sick you will be treated for sure, and you know you will study for free in great education system, if life gives you all of these then you must always be happy. However now people are poor and hungry and government can't handle that, they need to fix that first before considering bitcoin and anything related to crypto.
USA pays so much to people and if you are in Cuba you can't take that dollars, but with bitcoin you could actually use it as a loophole and make a lot of money from the nearby neighbor who has so much and that way they could grow bigger and use that to their advantage.
the news is overflowing in the net at the moment ... cuba is supposed to be the next country after el salvador to accept Bitcoin and other cryptocurrencies as an official legal tender.
Cuba has way too much trouble to worry about crypto right now, they are doing horrible at the moment with the new government, before this one they were doing just fine with Castro, they weren't the biggest nation in the world and yes they lacked a lot of technological improvements that many major other countries lived but they were not living in poverty neither, they had food and shelter and health and education and all of those things are enough to make a person live, what else do you really need? You know you will have a house at all times, you know you will be fed at all times, you know if you get sick you will be treated for sure, and you know you will study for free in great education system, if life gives you all of these then you must always be happy. However now people are poor and hungry and government can't handle that, they need to fix that first before considering bitcoin and anything related to crypto.
This is something very positive, I suppose that since it is CUBA the government will have total control of its citizens and those who want to have BTC and cryptocurrencies, I also see it as a desperate measure by the government, because they have been suffering from many protests and a lot of instability In the country, I do not see it as a way out thinking about the welfare of the people but to want to take advantage of the people with many regulations, a communist government will never support its people, they will only see that if they can take advantage of something, it is possible to acquire it by the government and I also see it as an infallible option for tourism, they will no longer buy Cuban dollars but can directly trade BTC, if we take into account the demand, it may increase, but its volumes will be difficult to determine since they can control it in their favor. But I hope that your people get a way to bypass all those regulations that they can implement and that their situation improves, at least for people's particular economies.
This is really good news! We have already known that Latin American countries have been very interested in making Bitcoin legal tender. El Salvador has started this chain. And now, finally we are seeing a new country doing so also. But this is the first step for it of course. First, they started leaning towards accepting payments with Bitcoin. Next, they will be leaning towards making Bitcoin legal tender as El Salvador.
It's a piece of great news that Cuba has been planning to accept cryptocurrencies in their country. Although it is already a known fact that their citizens have been using it for over the years already. Maybe they saw this chance to finally accept crypto since their constituents have been on it already, why not adopt it for real and make it lawfully legal? After all their economy could benefit from it as well. I just hope there will be no personal agendas and interests involve aside from making the country better again and providing the needs of their people.
Truly, mass adoption is slowly happening. El Salvador's move in accepting bitcoin as legal tender paved way for other people to follow their step. Hopefully, in the future there would be more and more countries that will see what crypto has to offer and adopt it in their country too.
Because they can be used for long-distance transactions that are supposedly anonymous, they are often popular with people attempting to evade government regulations - presumably including US restrictions on sending money to places, such as Cuba.
If that is only the reason why people and Cuba, or any countries that accept and legalized crypto, that is a wrong idea. It is certainly not a good decision. They legalize Bitcoin/cryptocurrencies as they have the insights that their people were getting beneficial with this, not to evade the government or any restrictions otherwise it was a subject for the ban.I imagine the dictatorship could create a national wallet provider, similar to El Salvador, and force everyone to use wallets monitored by cuban authorities. Zero tax evasion and total control over citizens' financial actions and funds. Depending how bitcoin is regulated, it can really fit the most tyranical goals... After all it's just a tool, and every tools can be used for the good or bad, depending on who is using it.
But that will require that people specifically walk into that trap and for that the government will need blind obedience from the population, which is something that the government of Cuba doesn't really have at the moment as people are very critical of them not only within the country but also outside of the country, so I doubt that something like this will actually happen, so I would think that the people of Cuba will begin to adopt bitcoin on their own in order to avoid the huge fees they have to pay in order to receive money through a remittance service.
Because they can be used for long-distance transactions that are supposedly anonymous, they are often popular with people attempting to evade government regulations - presumably including US restrictions on sending money to places, such as Cuba.
the news is overflowing in the net at the moment ... cuba is supposed to be the next country after el salvador to accept Bitcoin and other cryptocurrencies as an official legal tender.
I do not get why people are getting so excited about nations "accepting" crypto, as long as they allow it and do not ban it then it is fine for me. Like for example USA did not ban crypto, they put some regulations of course but they didn't ban it, and that is a much much bigger thing then what El Salvador did for example. Don't get me wrong on paper taking bitcoin as legal tender is a bigger thing then letting people use crypto and do not ban it, those are two very different things however USA is so huge that even them letting is a bigger deal than 10 nations like El Salvador accepting bitcoin as legal tender.This is why I believe that we are in a situation where accepting cryptocurrencies is not a big problem, just let people be and do not ban it and we will be fine, especially for those huge nations, hell china banning miners were even a bigger problem.
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as predicted, after el salvador announced they were making bitcoin as a legal tender, the surrounding small countries would start to follow suitI read in a mass media that crypto investors in America are increasing sharply and the number is expected to continue to rise
Big countries in America that don't start thinking about adopting crypto will be left behind with smaller countries like El Salvador
Mass adoption is inevitable
It started because sending and receiving money between the US and Cuba became very difficult under the Trump administration. Finally, the American embargo against communist countries has turned Cuba into a pariah in the global economy. Cuba's decision to join El Salvador in embracing decentralized virtual money hopes to help the country evade the US sanctions regime, which was implemented under former President Donald Trump and has been extended under President Joe Biden. But in my opinion if this is implemented how the country stabilizes prices in its country. And if Cuba's official currency is still in use then cryptocurrency is just an alternative payment. So I think this is their economic strategy.
I do think that it's not just Cuba but actually a lot of other countries as well who will start accepting Bitcoins really soon since at the end of the day they have to be in par with the whole system, as we know it, things have been really hard during the pandemic and more and more people are now going towards bitcoins and other cryptocurrencies. Therefore the government should work with them and start doing their part in this. It would be everyone really soon!! But the countries who will do it sooner will be one step ahead of everyone therefore I do think that even if they don't right now they might have to do eventually to meet the demands of general public.
I will ask 2 questions
1. Do you suppose that bitcoin will completely or for the most part replace local currencies?
if not, then the question is:
2A. what problem in this case will be solved by accepting payments in bitcoin
if yes then the question is:
2B. How do you imagine the work of the country's economy, which will be built on a highly volatile asset such as bitcoin?
But it is interesting - the population of Cuba is familiar with such words as "volatility" and "speculative market"? I mean that it is highly probable that on euphoria, the Cubans will buy cryptocurrencies, and she will once again make a drawdown by 2 times. And the next howl about the "imperialist conspiracy" will begin And then the Cubans will quickly, in a panic, sell everything at the lowest price ... Which after a while will grow again ... Well, you understand what I mean
And then the Cubans will quickly, in a panic, sell everything at the lowest price ... Which after a while will grow again ... Well, you understand what I mean I don't know for sure what the country is like, but if you look at stories about Cuba in western films, they do live more freely and naturally, the investment world is also more speculative and volatile. It will be more possible for the whales to be wild in spreading rumors to take advantage, meaning who is the strongest, then he gets the big profit. But I emphasize that this is still just my speculation, it can be refuted because the basis is not strong.
I can add a little - I know Cuba not from films. At one time my father served there (when he served in the Soviet Army) and talked about Cuba. And I myself, already in modern times, rested there 2 times. Frankly, not a single feature film is close to reality, and even more so it does not show all aspects of the life of ordinary people in Cuba and the country as a whole.
-snip
It could be possible especially in the case of Cuba and other countries that are under embargos and other economic sanctions from the US. After all, Bitcoin somehow provides the citizens of these countries a way to circumvent some of these sanctions. -snip
I guess government attempts to stifle Bitcoin would only make it stronger.
Its one of the better option to outwit the US Sanctions but at the same time it also kinda like telling US that their policy no longer affect them that much. One or two countries that uses crypto to bypass this sanction probably mean nothing to US but imagine if every countries that is affected use this 'trick', might even force US to do something about it on a greater extent
But I don't think we should be worrying about Bitcoin getting banned. It cannot be banned.
Ikr, I should have used appropriate word for this. Its probably more like hindering the mass adoption of bitcoin or something instead of 'banned'.
the news is overflowing in the net at the moment ... cuba is supposed to be the next country after el salvador to accept Bitcoin and other cryptocurrencies as an official legal tender.
Quote
Cuba is set to recognize and regulate #Bitcoin as a payment method in the country.
Bitcoin to the rescue once again. Way to go Cuba, one of the surest ways to bypass US sanctions on sending money. If they are able to regulate bitcoin in such that its price fluctuations is fixed without affecting it the exchange rate and also if they are able to monitor or reduce illicit transactions done with it then it becomes the litmus test for the rest of the world with failing economy.
I do think that it's not just Cuba but actually a lot of other countries as well who will start accepting Bitcoins really soon since at the end of the day they have to be in par with the whole system, as we know it, things have been really hard during the pandemic and more and more people are now going towards bitcoins and other cryptocurrencies. Therefore the government should work with them and start doing their part in this. It would be everyone really soon!! But the countries who will do it sooner will be one step ahead of everyone therefore I do think that even if they don't right now they might have to do eventually to meet the demands of general public.
But it is interesting - the population of Cuba is familiar with such words as "volatility" and "speculative market"? I mean that it is highly probable that on euphoria, the Cubans will buy cryptocurrencies, and she will once again make a drawdown by 2 times. And the next howl about the "imperialist conspiracy" will begin And then the Cubans will quickly, in a panic, sell everything at the lowest price ... Which after a while will grow again ... Well, you understand what I mean
And then the Cubans will quickly, in a panic, sell everything at the lowest price ... Which after a while will grow again ... Well, you understand what I mean Until a few months ago, there were two currencies having the status of legal tender in Cuba. The first one was the national currency (Cuban Peso), while the second one was (Cuban Convertible Peso or CUC). CUC was pegged to the US Dollar. After it's withdrawal, the Cubans are without a currency which is not manipulated in the forex market. I guess Bitcoin would fill that gap. As you mentioned, volatility is going to be a problem. But if people use it as a store of value, then they will be holding it hopefully for the long term.
But it is interesting - the population of Cuba is familiar with such words as "volatility" and "speculative market"? I mean that it is highly probable that on euphoria, the Cubans will buy cryptocurrencies, and she will once again make a drawdown by 2 times. And the next howl about the "imperialist conspiracy" will begin And then the Cubans will quickly, in a panic, sell everything at the lowest price ... Which after a while will grow again ... Well, you understand what I mean
And then the Cubans will quickly, in a panic, sell everything at the lowest price ... Which after a while will grow again ... Well, you understand what I mean I don't know for sure what the country is like, but if you look at stories about Cuba in western films, they do live more freely and naturally, the investment world is also more speculative and volatile. It will be more possible for the whales to be wild in spreading rumors to take advantage, meaning who is the strongest, then he gets the big profit. But I emphasize that this is still just my speculation, it can be refuted because the basis is not strong.
But it is interesting - the population of Cuba is familiar with such words as "volatility" and "speculative market"? I mean that it is highly probable that on euphoria, the Cubans will buy cryptocurrencies, and she will once again make a drawdown by 2 times. And the next howl about the "imperialist conspiracy" will begin And then the Cubans will quickly, in a panic, sell everything at the lowest price ... Which after a while will grow again ... Well, you understand what I mean
And then the Cubans will quickly, in a panic, sell everything at the lowest price ... Which after a while will grow again ... Well, you understand what I mean 
This could be actually good news for the bitcoin holders in Cuba. There will be another source of taxation for the country and they won't be hiding in shadows anymore.
The Central Bank of Cuba has recognized Bitcoin as their acceptable currency. Salvador is the first country after Cuba to recognize bitcoin directly. Gradually many countries like Cuba have bitcoin Recognition is expected.
Not yet an actual law but they're recognizing it until they make the same law as El Salvador of making it as a legal tender then that's something else. But as they recognize it and there are looking a positivity with that news, we have to find out and follow what the government of Cuba actually stands about bitcoin.
This is good news for us, citizens of the world, but it will have a bad impact on the internal government, how can they monitor it, are they not afraid that the original fiat value will be eroded by Bitcoin???
And what about the regulation of Bitcoin as a legal payment, I don't think that they can manage it, the country will soon collapse by placing Bitcoin legally, no offense, just an opinion.
But if they were succeed to make regulation regarding this matter, all the world will follows what Cuba did, beyond that, Bitcoin and crypto have become a new world economic power, all countries want to own them and take advantage from it.
And what about the regulation of Bitcoin as a legal payment, I don't think that they can manage it, the country will soon collapse by placing Bitcoin legally, no offense, just an opinion.
But if they were succeed to make regulation regarding this matter, all the world will follows what Cuba did, beyond that, Bitcoin and crypto have become a new world economic power, all countries want to own them and take advantage from it.
Cuba will now recognize and control cryptocurrencies such as bitcoin for socio economic reasons. Central banks will accept crypto for their own benefit the cuban cryptocurrency adoption was a global epidemic and this desperate need for cash to curb access to the world economy which helped drive the rise of crypto adoption in cuba. Every people out there who lean towards cryptocurrency credits the growing crypto community for the rise of the Internet in cuba.
I really doubt that. The problem with socialist nations is that their national currencies are very weak. The exchange rates are artificially kept at a level, which is not viable in the free market. This is even applicable to currencies such as the Chinese Yuan. So the problem if they recognize Bitcoin is that the population would prefer to store their money in the form of BTC, since it offers better protection from inflation. And this will make it more difficult for the government to maintain the exchange rates. El Salvador didn't faced this issue, because they don't have a national currency.
In Cuba, however, Bitcoin is not to be declared as a legal tender, along with other cryptocurrencies. They will only be accepted as alternative means of payment.
So it pretty much like saying Cuba is giving the green light for cryptocurrency. Well this is so much better than declaring it as a legal tender. Honestly I'd prefer this over declaring it as the legal tender because if more countries declare it as legal tender then it is the same as posing danger to bitcoin. Some country like the US and Europe might even start banning bitcoin to an extreme extent at some point because of this
It could be possible especially in the case of Cuba and other countries that are under embargos and other economic sanctions from the US. After all, Bitcoin somehow provides the citizens of these countries a way to circumvent some of these sanctions.
But I don't think we should be worrying about Bitcoin getting banned. It cannot be banned. And attempts to ban it would only make its fundamental arguments more valid. I guess government attempts to stifle Bitcoin would only make it stronger.
The Central Bank of Cuba has recognized Bitcoin as their acceptable currency. Salvador is the first country after Cuba to recognize bitcoin directly. Gradually many countries like Cuba have bitcoin Recognition is expected.
This is a tweet from Erich García Cruz, Cuban, programmer and bitcoiner, in the tweet he says:
(I've done a translation from Spanish.)
According to the law in Cuba on bitcoin will regulate the institutions, IMO, it is good news, but since it is Cuba, it is a country that lives in a dictatorship and that its inhabitants think that the government will not allow them to progress.
Only, I can wish them that bitcoin in Cuba is a hope for its inhabitants. They have the opportunity to find the best solution that bitcoin offers.
(I've done a translation from Spanish.)
Quote
Reading the comments of this report ... the balance is tilting a bit towards the "positive" regarding #Bitcoin in #Cuba 🇨🇺 (Greed Index ) ** I'm still in mode: NEUTRAL **
https://twitter.com/ErichGarciaCruz/status/1431336263974535182?s=19
https://twitter.com/ErichGarciaCruz/status/1431336263974535182?s=19
According to the law in Cuba on bitcoin will regulate the institutions, IMO, it is good news, but since it is Cuba, it is a country that lives in a dictatorship and that its inhabitants think that the government will not allow them to progress.
Only, I can wish them that bitcoin in Cuba is a hope for its inhabitants. They have the opportunity to find the best solution that bitcoin offers.
We have already known the high interest of Latin American countries in Bitcoin. El Salvador took action to make Bitcoin legal tender and it seems like they are doing good for now. Latin American countries have been observing El Salvador about whether they did a good thing or not. One of these countries was going to take a step forward obviously. And it is Cuba as it seems. Maybe they are not thinking of making it legal tender for now but they are going to accept Bitcoin which is important news of course.
Actually, they didn't say only Bitcoin, they said they will regulate cryptocurrency that means not only for Bitcoin but also for all other coins will be regulated by them, I don't know how the US govt will take this news!
Now come to the point, it's really good that after El Salvador now Cuba is going to accept cryptos, though they claimed they will regulate cryptocurrency but the real fact is cryptocurrency is regulating them that's why they are forced to accept Bitcoin, and other cryptos as official legal tender. They could realise well that without crypto their future will be dark.
"Accept cryptocurrencies" means cuba's government wants to tax and collect significant portions of crypto payments entering the country.
Only if they can track all their citizen's crypto address.
In Cuba, however, Bitcoin is not to be declared as a legal tender, along with other cryptocurrencies. They will only be accepted as alternative means of payment.
So it pretty much like saying Cuba is giving the green light for cryptocurrency. Well this is so much better than declaring it as a legal tender. Honestly I'd prefer this over declaring it as the legal tender because if more countries declare it as legal tender then it is the same as posing danger to bitcoin. Some country like the US and Europe might even start banning bitcoin to an extreme extent at some point because of this
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We have already known the high interest of Latin American countries in Bitcoin. El Salvador took action to make Bitcoin legal tender and it seems like they are doing good for now. Latin American countries have been observing El Salvador about whether they did a good thing or not. One of these countries was going to take a step forward obviously. And it is Cuba as it seems. Maybe they are not thinking of making it legal tender for now but they are going to accept Bitcoin which is important news of course.
Actually, they didn't say only Bitcoin, they said they will regulate cryptocurrency that means not only for Bitcoin but also for all other coins will be regulated by them, I don't know how the US govt will take this news!
Now come to the point, it's really good that after El Salvador now Cuba is going to accept cryptos, though they claimed they will regulate cryptocurrency but the real fact is cryptocurrency is regulating them that's why they are forced to accept Bitcoin, and other cryptos as official legal tender. They could realise well that without crypto their future will be dark.
And what will it give? Well, really? As for me, this is petty tyranny or self-deception ... Well, they will make bitcoin an official means of payment and? What will change in the economy, social aspect, medicine, how will this affect the solution of the current problems of Cuba itself and 99% of Cuba's population? The answer is - WILL NOT AFFECT IN ANY WAY! Bitcoin cannot fix the problems of dumb rulers and a collapsed economy ...
AFAIK, some Cubans are already utilizing bitcoin and cryptocurrencies in order to transfer funds from outside the country in order to avoid high fees. This may or may not be beneficial to the citizens given that they are trying to skip the fees and avoid the hassle of getting under checks and the long process of the banks. However, if the country legalizes cryptocurrencies, this means that citizens will no longer be afraid of exchange or trading it into their local currency, so long as they pay the necessary taxes during these trades. All in all, I'm still unsure on whether the outcome for this is good or bad, but hopefully it favors the interests and sentiments of the Cubans that are reliant on cryptocurrencies.
We have already known the high interest of Latin American countries in Bitcoin. El Salvador took action to make Bitcoin legal tender and it seems like they are doing good for now. Latin American countries have been observing El Salvador about whether they did a good thing or not. One of these countries was going to take a step forward obviously. And it is Cuba as it seems. Maybe they are not thinking of making it legal tender for now but they are going to accept Bitcoin which is important news of course.
Saw this on the news yesterday and this can be good news. However, I expect to see some international bankers and related organizations warning Coba about accepting bitcoin. The whole point is a country such as El Salvador and Cuba is accepting bitcoin because they don't have strong fiat and in the other hand they are suffering economic issues and economic sanction by the strong countries, here Bitcoin can help both the goverment and people to solve the economic issues such as not having bank accounts. I hope to see this happening in other countries soon.
Bitcoin had already been used in central and south America, recognition from the government will make it not illegal, they don't even have to pass a bill for BTC to be adopted. The government of Cuba mining BTC and distributing them to their people this crisis I think is an alternative solution than printing more of their currency.
Even the country that we see as not a communist though is still taking steps to do their own surveillance of the people. I'm sure El Salvador government is also going to be taking steps to look into the database of Stripe.
Even the country that we see as not a communist though is still taking steps to do their own surveillance of the people. I'm sure El Salvador government is also going to be taking steps to look into the database of Stripe.
Of course this will be a big step for the economy, especially in Cuba itself
they don't want to be left behind from other countries that have gone first and do not rule out the possibility if there are good developments that trigger other cryptos to be accepted too
They're so left behind in terms of development, there's a reason why some of their people risk going out of the country illegally than stay there, they know that they don't have a future in there. And I don't think that crypto is going to solve the problem because it's so deep that it will probably take a long time or it won't even happen. they don't want to be left behind from other countries that have gone first and do not rule out the possibility if there are good developments that trigger other cryptos to be accepted too
I imagine the dictatorship could create a national wallet provider, similar to El Salvador, and force everyone to use wallets monitored by cuban authorities. Zero tax evasion and total control over citizens' financial actions and funds. Depending how bitcoin is regulated, it can really fit the most tyranical goals... After all it's just a tool, and every tools can be used for the good or bad, depending on who is using it.
If that is the case then they should created their own CBCD.
But for sure, this regulations meant that they will tax their population. They are still under the umbrella of communism so that makes their government curbing any freedom including financial. Yeah, could be a welcoming news for bitcoin enthusiast in that country, but it's a different ballgame when the government are around snooping in your every move.
I imagine the dictatorship could create a national wallet provider, similar to El Salvador, and force everyone to use wallets monitored by cuban authorities. Zero tax evasion and total control over citizens' financial actions and funds. Depending how bitcoin is regulated, it can really fit the most tyranical goals... After all it's just a tool, and every tools can be used for the good or bad, depending on who is using it.
The move seems to have been triggered by the drying up of revenue sources after Trump's sanctions. The government possibly wants a piece of the remittances pouring into the country in the form of cryptos, as @Hydrogen pointed out. They would provide recognition to crypto, making it easier for people to use crypto for there basic needs, in return for tax revenue.
This would be an interesting experiment. The central authority wants a piece of your payments, which they otherwise cannot regulate. It is upto the people that how long they choose to be submissive and continue to share the knowledge of their payments. The people could still choose to go on receiving payments and using them in a P2P way, which they are probably doing at present.
Puts the element of choice into the hands of people. It seems that the US people would be much better off if the US Govt decides to fully support bitcoin. It may turn out to be a far better method of spreading democracy than tanks and guns and hellfire missiles.
This would be an interesting experiment. The central authority wants a piece of your payments, which they otherwise cannot regulate. It is upto the people that how long they choose to be submissive and continue to share the knowledge of their payments. The people could still choose to go on receiving payments and using them in a P2P way, which they are probably doing at present.
Puts the element of choice into the hands of people. It seems that the US people would be much better off if the US Govt decides to fully support bitcoin. It may turn out to be a far better method of spreading democracy than tanks and guns and hellfire missiles.
Of course this will be a big step for the economy, especially in Cuba itself
they don't want to be left behind from other countries that have gone first and do not rule out the possibility if there are good developments that trigger other cryptos to be accepted too
they don't want to be left behind from other countries that have gone first and do not rule out the possibility if there are good developments that trigger other cryptos to be accepted too
How does the government regulate it?
More like saying Cuba Regulate Rainfall or something...how possible? Probably by creating a giant roof or artificial cloud that controls where the rain finally falls in the country when it falls on the roof. Typically, we get unrestricted access to nature no matter who we are but humans try to add restrictions
Guess the better words to use could be "Cuba to Regulate their Bitcoin/Space".
More like saying Cuba Regulate Rainfall or something...how possible? Probably by creating a giant roof or artificial cloud that controls where the rain finally falls in the country when it falls on the roof. Typically, we get unrestricted access to nature no matter who we are but humans try to add restrictions
Guess the better words to use could be "Cuba to Regulate their Bitcoin/Space".
The same way the government regulates everything- you write a law and penalize people who don't comply with it. If we've seen one thing with crypto regulations it's that nobody has proven effective at avoiding regulation. In the case of bitcoin, you regulate the fiat exchange points (which are already regulated). You pass a law, not too many people are going to risk noncompliance, especially when the consequence is prison.
Very unlikely, I do not think that a government that wants to have control of the economy is going to want to relinquish that control by accepting something like bitcoin, it is way more likely that the people are going to begin to use bitcoin on their own without the permission of the government as they need a way to receive money without using a remittance service as a great deal of that money is stolen by the government and then they receive their useless local currency instead of the dollars that were sent to them.
the news is overflowing in the net at the moment ... cuba is supposed to be the next country after el salvador to accept Bitcoin and other cryptocurrencies as an official legal tender.
El Salvador will be accepting Bitcoin and Bitcoin alone as a legal tender. There is no other cryptocurrency that is to be elevated to that level.
In Cuba, however, Bitcoin is not to be declared as a legal tender, along with other cryptocurrencies. They will only be accepted as alternative means of payment. The only legal tender remains to be the Cuban peso. In other words, goods and services are to be priced with the units of the Cuban peso and not in Satoshis, mBTC, BTC, ETH, and so on.
Good for them but given that they're still in a dictatorship with Raul Castro in lead, I don't think that we're going to see any difference if bitcoin gets accepted in the country.
That’s too hard for a country with the government controls their people, though cryptocurrency provides freedom, it will still be hard if the government regulations is still in favor to them. Though of course this is a good news if ever but hopefully its for the good of their people and not for the personal interest of the politicians there.
Despite the idealistic view of Havana, keeping the ruinous unpainted buildings from the view, there is an underliying system that is happy to keep the people poor. Some people would argue that while someone is looking for food and money, they are not planning a revolution - at least that´s a friend of mine theory. Anyway, Cuba is a lot about control, bitcoin is a lot about self control and self sovereignty etc... I do not see these two things matching and the government there has a fresh supply of strong currency from turism.
I've seen this too just now on a news outlet and it feels amazing to see these countries being open to cryptocurrencies.
As they recognize to regulate cryptocurrencies, they're likely to add it as a legal tender soon. Although, bitcoin is decentralized while Cuba is going to regulate it, that's the counterpart of it that we don't like before.
But now, looking at these countries recognizing bitcoin, hoping that there will be more of them.
As they recognize to regulate cryptocurrencies, they're likely to add it as a legal tender soon. Although, bitcoin is decentralized while Cuba is going to regulate it, that's the counterpart of it that we don't like before.
But now, looking at these countries recognizing bitcoin, hoping that there will be more of them.
That's great, hopefully, it will help Cuba to overcome the current difficulties they suffer due to the embargo. Also interesting to see how the Central Bank will regulate the future widespread use of cryptocurrencies. It can be clearly seen that the government intends to take full control of this use
Quote
The resolution says the Central Bank can authorize use of cryptocurrencies “for reasons of socioeconomic interest” but with the state assuring that their operations are controlled.
I wonder how will that be accomplished and will the government be willing to gove more freedom regarding everyday crypto use someday. Cubans who escaped cuba, have used crypto to send money to their families in cuba, for many years.
Sending money to cuba via wire transfer can have (I think) 40% in taxes and fees. Cubans used bitcoin/crypto to circumvent high taxes and fees.
"Accept cryptocurrencies" means cuba's government wants to tax and collect significant portions of crypto payments entering the country.
Quote
About 10,000 Cubans have turned to bitcoin and altcoins, including ethereum and dogecoin, to skirt around U.S. sanctions, according to a report from Deutsche Welle’s Spanish-language service, reported CryptoNews.
Cubans overseas use BitRemesas, a crypto exchange, to essentially transfer money to family in Cuba through a middleman, CryptoNews explained. They convert their fiat currency into cryptocurrency, which middlemen in Cuba then bid on and pay for in cash to the sellers’ family members in Cuba. The middleman gets a commission fee from the exchange, and BitRemesas takes a percentage as well.
https://www.businessfast.co.uk/bitcoin-daily-cubans-use-cryptocurrencies-for-remittances-in-wake-of-us-sanctions-swiss-national-bank-bis-test-cbdc-integration-pymnts-com/
Cubans overseas use BitRemesas, a crypto exchange, to essentially transfer money to family in Cuba through a middleman, CryptoNews explained. They convert their fiat currency into cryptocurrency, which middlemen in Cuba then bid on and pay for in cash to the sellers’ family members in Cuba. The middleman gets a commission fee from the exchange, and BitRemesas takes a percentage as well.
https://www.businessfast.co.uk/bitcoin-daily-cubans-use-cryptocurrencies-for-remittances-in-wake-of-us-sanctions-swiss-national-bank-bis-test-cbdc-integration-pymnts-com/
Sending money to cuba via wire transfer can have (I think) 40% in taxes and fees. Cubans used bitcoin/crypto to circumvent high taxes and fees.
"Accept cryptocurrencies" means cuba's government wants to tax and collect significant portions of crypto payments entering the country.
They found out that a lot of their citizens are already using crypto services for years.
So they decide to regulate and authorize its existence, taxing them is given fact already.
https://www.euronews.com/next/2021/08/27/cuba-becomes-the-latest-country-to-authorise-and-regulate-cryptocurrencies-like-bitcoin
So I am assuming, previously, they are converting their crypto mostly via p2p exchange?
Cubans who escaped cuba, have used crypto to send money to their families in cuba, for many years.
Sending money to cuba via wire transfer can have (I think) 40% in taxes and fees. Cubans used bitcoin/crypto to circumvent high taxes and fees.
"Accept cryptocurrencies" means cuba's government wants to tax and collect significant portions of crypto payments entering the country.
Quote
About 10,000 Cubans have turned to bitcoin and altcoins, including ethereum and dogecoin, to skirt around U.S. sanctions, according to a report from Deutsche Welle’s Spanish-language service, reported CryptoNews.
Cubans overseas use BitRemesas, a crypto exchange, to essentially transfer money to family in Cuba through a middleman, CryptoNews explained. They convert their fiat currency into cryptocurrency, which middlemen in Cuba then bid on and pay for in cash to the sellers’ family members in Cuba. The middleman gets a commission fee from the exchange, and BitRemesas takes a percentage as well.
https://www.businessfast.co.uk/bitcoin-daily-cubans-use-cryptocurrencies-for-remittances-in-wake-of-us-sanctions-swiss-national-bank-bis-test-cbdc-integration-pymnts-com/
Cubans overseas use BitRemesas, a crypto exchange, to essentially transfer money to family in Cuba through a middleman, CryptoNews explained. They convert their fiat currency into cryptocurrency, which middlemen in Cuba then bid on and pay for in cash to the sellers’ family members in Cuba. The middleman gets a commission fee from the exchange, and BitRemesas takes a percentage as well.
https://www.businessfast.co.uk/bitcoin-daily-cubans-use-cryptocurrencies-for-remittances-in-wake-of-us-sanctions-swiss-national-bank-bis-test-cbdc-integration-pymnts-com/
Sending money to cuba via wire transfer can have (I think) 40% in taxes and fees. Cubans used bitcoin/crypto to circumvent high taxes and fees.
"Accept cryptocurrencies" means cuba's government wants to tax and collect significant portions of crypto payments entering the country.
This is really good news! We have already known that Latin American countries have been very interested in making Bitcoin legal tender. El Salvador has started this chain. And now, finally we are seeing a new country doing so also. But this is the first step for it of course. First, they started leaning towards accepting payments with Bitcoin. Next, they will be leaning towards making Bitcoin legal tender as El Salvador.
the news is overflowing in the net at the moment ... cuba is supposed to be the next country after el salvador to accept Bitcoin and other cryptocurrencies as an official legal tender.
Quote
Cuba is set to recognize and regulate #Bitcoin as a payment method in the country.
https://www.btctimes.com/news/cuba-set-to-recognize-bitcoin-as-payment-methodQuote
Havana: Cuba's government has said it will recognise — and regulate — cryptocurrencies for payments on the island.
https://economictimes.indiatimes.com/markets/cryptocurrency/cuba-to-recognise-and-regulate-cryptocurrencies-for-payments/articleshow/85678549.cmsQuote
After El Salvador made history earlier this year by accepting bitcoin as a legal tender, the number of countries planning to mimic the move continues to grow. A recent report showed that Cuba’s Central Bank wants to implement rules enabling the nation to utilize digital assets legally.
https://cryptopotato.com/cubas-government-looking-to-recognize-bitcoin-and-crypto-for-payments-report/Quote
A resolution published in the Official Gazette said the Central Bank will set rules for such currencies and determine how to license providers of related services within Cuba.
https://www.bloomberg.com/news/articles/2021-08-27/cuba-to-recognize-and-regulate-cryptocurrenciesHow does the government regulate it?
More like saying Cuba Regulate Rainfall or something...how possible? Probably by creating a giant roof or artificial cloud that controls where the rain finally falls in the country when it falls on the roof. Typically, we get unrestricted access to nature no matter who we are but humans try to add restrictions
Guess the better words to use could be "Cuba to Regulate their Bitcoin/Space".
Good for them but given that they're still in a dictatorship with Raul Castro in lead, I don't think that we're going to see any difference if bitcoin gets accepted in the country.
the news is overflowing in the net at the moment ... cuba is supposed to be the next country after el salvador to accept Bitcoin and other cryptocurrencies as an official legal tender.
Quote
Cuba is set to recognize and regulate #Bitcoin as a payment method in the country.
https://www.btctimes.com/news/cuba-set-to-recognize-bitcoin-as-payment-methodQuote
Havana: Cuba's government has said it will recognise — and regulate — cryptocurrencies for payments on the island.
https://economictimes.indiatimes.com/markets/cryptocurrency/cuba-to-recognise-and-regulate-cryptocurrencies-for-payments/articleshow/85678549.cmsQuote
After El Salvador made history earlier this year by accepting bitcoin as a legal tender, the number of countries planning to mimic the move continues to grow. A recent report showed that Cuba’s Central Bank wants to implement rules enabling the nation to utilize digital assets legally.
https://cryptopotato.com/cubas-government-looking-to-recognize-bitcoin-and-crypto-for-payments-report/Quote
A resolution published in the Official Gazette said the Central Bank will set rules for such currencies and determine how to license providers of related services within Cuba.
https://www.bloomberg.com/news/articles/2021-08-27/cuba-to-recognize-and-regulate-cryptocurrenciesJump to: