Cuba to recognise, regulate cryptocurrency

Popularity of the digital currency has grown in Cuba, in part because of restrictions on remittances from the US.

Cuba has said it will recognise – and regulate – cryptocurrencies for payments on the island in a move that could help to circumvent American sanctions. A resolution published in the Official Gazette on Thursday said the central bank will set rules on cryptocurrencies and determine how to license providers of related services within the communist state. The announcement comes as the popularity of cryptocurrency has grown in Cuba among some technologically savvy groups, as it has become increasingly difficult to send and use US dollars on the island, in part because of toughened embargo rules imposed under former United States President Donald Trump.