Cuba goes Crypto Friendly
Cuba has recognized Cryptocurrencies and as I said before El Salvador opened the doors for us and now it has been a frenzy for the next country to enter the Crypto Fray. Recently the Bank of Cuba passed Resolution 215 which means Cryptocurrencies can now be used to make payments in Cuba. You can also treat Crypto as an Investment as now it has been defined as Virtual Currencies according to Resolution 215. Cuba has cited Socio-Economic reasons as to why they took this step but personally I feel like they are just lining up one by one to get into the Crypto Race.
According to several articles, it seems that several Economic Sanctions from the US may have tipped the hands of Cuba as they are facing quite the difficulties in receiving funds from abroad add to the Covid 19 pandemic and Cuba had their troubles doubled up overnight. So going for a way where there is no central authority controlling the flow was their Holy Grail for now. Even though this is good news for Crypto this might not be the optimal route for Cuba considering the Volatility aspect of Crypto. They need to be prepared for Volatility and if they do not they might be facing some Curve Balls especially since the whole Evergrande Collapse that happened in China recently. Let's see what happens after this.
Posted Using LeoFinance Beta