Cuba's step shows that cryptocurrencies receive the recognition they earn

cryptocurrencies are slowly gaining global recognition, and Cuba is the latest country that officially wants to regulate crypto payments.

cuba wants to recognize and regulate crypto payments

The Cuban government is currently working on a draft law that is to officially recognize cryptocurrencies in the country. The draft law also aims to regulate payments in cryptocurrencies, even though it does not recognize them as a legal means of payment

according to A report from al jazera Today the government becomes payments in Allow cryptocurrency to help the country avoid the sanctions imposed by the United States. This would be comparable to what Iran does to avoid American sanctions.

The Cuban Central Bank is currently working on a number of regulations on cryptocurrencies. APEX-Bank also works to find out how it would licens cryptocurrency service providers in Cuba. This latest development comes because cryptocurrencies in Cuba are very popular. Since Donald Trump's sanctions, it has become very difficult for Cubans to send and receive US dollars.

Bitcoin and other cryptocurrencies have prevailed in the battered economies worldwide. El Salvador was the first country in the world BTC to officially introduce the means of payment. Other countries such as Nigeria, Zimbabwe and others have experienced an enormous influx of cryptocurrency investors and dealers thanks to the economic difficulties in these regions.

el Salvador is the first to take the step, but other countries could follow this example. Some countries are already officially recognizing Bitcoin and other cryptocurrencies as asset classes or as an exchange.

Bitcoin could compensate for the latest losses

Bitcoin has suffered a break -in in the past few days and fell to the $ 47,000 yesterday from its maximum of over $ 50,000 at the weekend. However, the price of the leading cryptocurrency is slowly recovering because it now acts over the $ 47,000 region.

The cryptocurrency market could continue its slow recovery at the weekend and reach the $ 50,000 mark again when the upward dynamics are retained.