Cuba to recognize -- and regulate -- cryptocurrencies

Cuba’s government says it will recognize — and regulate — cryptocurrencies for payments on the island

HAVANA -- 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. The Central American nation of El Salvador recently announced it would recognize use of the cryptocurrency Bitcoin as a way to encourage remittances from its citizens living abroad.