It seems that in the global landscape of cryptocurrencies, the only country that has been falling behind in terms of regulation is the US. Not only have they failed to properly regulate the coin, but they have also missed multiple opportunities to better integrate it into their system.
But while one of the biggest countries in the world has yet to regulate crypto, it seems that the smaller countries, especially island nations, ghave taken to quickly integrating it. Cuba has joined the list of many smaller countries to finally integrate cryptocurrency. And along with integrating crypto, they have implemented a plethora of unique regulations to fairly integrate it into the country.
Resolution 215, which was issued by the central bank of Cuba, has finally come into play. Therefore, Bitcoin has now become an official secondary tender within the island nation. And since they have become legal, people can easily use them to make investments or use them for commercial transactions.
Cuba originally announced its plans towards integrating crypto back in late August. And to think that they have been able to integrate it into their country in less than a month is quite something. But the Cuban government has yet to completely side with cryptocurrencies. They still believe that cryptocurrencies can be dangerous for people that don’t understand it.
The government has been very vocal about the fact that cryptocurrency is difficult and can be tricky to understand. They have made an effort to explain to civilians that they should do ample research before committing to a specific cryptocurrency. Civilians were also told that various bad actors might try to take advantage of the anonymous nature of cryptocurrencies to commit fraud.
Fraud and illicit activities have been a common staple throughout the history of cryptocurrencies. In fact, they have yet to move past this very real perception that people still have of the crypto market, as being this den of illicit actors. But crypto has proven itself more than worthy over the past few years. It has become an international sensation, and is very much a dedicated currency now.
Since Cuba has recently been hit with a plethora of embargos form the US, accepting crypto couldn’t have come at a better time. Now Cubans can receive remittances from the US without having to worry about the embargo. Citizens can even receive their remittances at a cheaper rate and considerably faster than regular bank transfers.
Cuba is very much following in the footsteps of El Salvador, as they are looking to make a more inclusive economy. And given the current embargoes, they will need cryptocurrencies to better function.