Cuba's Government Will Recognize - and Regulate - Cryptocurrencies

The Associated Press reports: Cuba's government said Thursday it will recognize — and regulate — cryptocurrencies for payments on the island. 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.

The popularity of such currencies has grown among a technologically savvy group in Cuba as it has become harder to use dollars, in part because of toughened embargo rules imposed under former President Donald Trump... Because [cryptocurrencies] can be used for long-distance transactions that are supposedly anonymous, they are often popular with people attempting to evade government regulations — presumably including U.S. restrictions on sending money to places such as Cuba.

Cuban currency: old and busted

[gosso920]

Late stage Marxism.

This is just to get around sanctions

[rsilvergun]

it's kind of hard to keep a modern country going when the largest super power on earth has it out for you. They're using crypto for what everyone else uses it for: money laundering. In this case to get around US sanctions that've been running for around 70 years now because of our electoral politics.

For my money if we can do business with the Chinese & the Saudis we can do the same for Cuba. They're not even Communist. They're about as commie as China. e.g. lots of private ownership of the means of

Re:

[SuperKendall]

it's kind of hard to keep a modern country going when the largest super power on earth has it out for you.

In other words, communism can't work at all without large floods of money from capitalist economies coming in to prop it up.

Re:

[youngone]

How would you know? Your ruling class is so terrified of Cuba they won't even let you travel there to have a look for yourself.
Go on, tell me all about all that "freedom" you have.

We all know already

[SuperKendall]

Your ruling class is so terrified of Cuba they won't even let you travel there to have a look for yourself.

They did, we saw, it's shit. The bans were lifted for a short time, a number of Americans got over there... but it's not like there are not people from other countries also still going there regularly and again - it's a third world country.

More than enough video online showing you what the real Cuba looks like.

More than enough stores leaking, like how a guy was imprisioned for six months for owning A

Re:

[account_deleted]

Comment removed based on user account deletion

Re:

[youngone]

Notice how he can't actually respond to my point about how his ruling class are so frightened of Cuba that they won't allow Americans to travel there to look for themselves.
Freedom baby!

Re:

[SuperKendall]

I've got a crazy idea. Why don't you let Cubans decide what kind of government they have

Well as I said, one who expressed an option was immediately sent to prison so...

I would love to have the people of Cuba decide what government they want. But the ones that tried are either jailed or often die trying to reach the government they actually want.

I guess you are in favor of eternal rape under there regime that has them trapped currently - myself I am rather more for the people of Cuba than you seem to be, bu

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[account_deleted]

Comment removed based on user account deletion

Re:

[youngone]

We all know what Cuba is like man.

No you don't you just think you do.

I know what Cuba is like, because I have actually been there. Twice.
The bans were lifted for a short time? Wow, that's a whole lot of freedom you've got there.

Re:

[SuperKendall]

No you don't you just think you do.

I know what Cuba is like, because I have actually been there. Twice.

I was planning a trip there and researched it heavily. I'm sure the little tourist bubble you visited didn't show you much, my plan was to explore the countryside more. Any reader can tell at this point my own knowledge of Cuba vastly exceeds your own bubble gleaned drunken haze.

The bans were lifted for a short time? Wow, that's a whole lot of freedom you've got there.

The U.S. is currently basically a d

Re:

[youngone]

You know more about Cuba because you didn't go there.

That is hilarious, thanks for the laugh. Made my day.

How

[Sosetta]

How exactly will they regulate them?

Re:

[GameboyRMH]

Since they're using them to evade an embargo, I'd guess it would be things like ensuring that the local exchanges are paying their taxes.

Re:

[shaitand]

If someone were trying to buy a boat you are trying to sell; which currency would you be more inclined to accept payment in? Cuban, Venezuelan, Nicaraguan, or BTC? Given the bias in your post maybe the answer is none of the above. Okay. What if the offer were 30% higher than you could get in the currency you'd prefer?

The number of nations which are turning to Bitcoin due to instability and general unwillingness to trust and accept local fiat is growing. Added together it is a growing economic bedrock with B

Re:

[bn-7bc]

Yea counrerfiets are a rather large peroblem, which is why one should be careful with exepting karge USD transactions in cash, use a bank transfer instead, that way you at keast know that the money you receive are indeed valid, and taxes gave to be oaied anyway( if the fund exede a certain sum ( gifts)).

Re:

[shaitand]

Or you can skip the banks and use bitcoin with the added benefits of not being reversible and having lower fees. The taxes do have to be paid anyway but large international USD transactions and cash deposits carry extra reporting requirements that drastically increase the odds of heavy scrutiny like an audit. While you are supposed to be innocent until proven guilty under US law the IRS hasn't gotten that memo so avoiding audits should be standard self-defense for everyone.

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[shaitand]

There has been regulation in place for years in most places including the US. It also isn't the first nation to recognize it as legal tender. This is another good example of a reason it is needed as well. In Marxists regimes like Cuba (and lately the US) it lets you cash out your local currency and wealth and store it in the deflationary crypto. It also provides a way to trade with those outside who aren't forced to accept the worthless paper your regime prints with little to no regard for underlying econom

Re: Bitcoiners should rejoice!

[dpille]

If I had a (non-convertible) Cuban peso for every US dollar in circulation on that island, I wouldn't need your Bitcoin.

Re:

[shaitand]

Uh huh... first of all you are disregarding the 30% bump in price outright. Next, I've seen estimates that about 60% of US currency outside the US is counterfeit, whereas Bitcoin can't be counterfeit. That is still okay locally where they don't know any better but isn't going to help you much in a first world country.

Setting that issue aside, how exactly do you expect to GET those dollars?

Lets say you are confident they are real and delivery is their problem. What exactly are you going to do with that $20k

Re: Bitcoiners should rejoice!

[dpille]

The use of the word "non-convertible" in my comment meant that I had no interest in getting US dollars, nor would interact with Feds. Not even "Federales" as they don't call them that there.

Anyone in Cuba who wants to use cryptocurrency is already doing do, and any amount of assets held by Cubans in cryptocurrency is dwarfed by those held in physical US dollars. Even if 60% are counterfeit, which they aren't.

Re:

[shaitand]

Okay, I'm lost. Which stance are you taking, that you you'd want "non-convertible" cuban pesos or that you don't need cryptocurrency because everyone uses US dollars instead of cuban pesos?

The fact the pesos are non-convertible means they aren't very helpful when it comes time for the person buying the boat to make their escape from Cuba.

wont that be a hell of a flip

[FudRucker]

Cuba goes from being one of the poorest nations to the richest nations by becoming like a Central Hub (central bank?) for cryptocurrencies

Re:

[GameboyRMH]

Finance jobs do not make countries rich, they produce modest tax revenues and a small number of jobs with highly unequal pay. The lobbying influence from a finance industry also tends to worsen inequality.

Re: wont that be a hell of a flip

[reanjr]

Malta is doing fine.

And the ys paunent processors

[bn-7bc]

Mysteriously stop accepting BTC transactions in 3 2 1, the ee ones are to follw shortly because of cause they don't want to anger the US, ehare di you want to spend your BTC now? This is not a win for BTC