The Cuban government in an official directive asked those who wished to use cryptocurrencies to get a license as it approved cryptocurrency-related services.
The government had made the use of cryptocurrencies for personal use legal in the country last year. The government said it would grant a license for up to a year and it can be extended for another year amid large scale interest in the country to use the virtual currency.
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Reports claim the adoption of cryptocurrencies would help Cuba to skirt US sanctions as it battles an economic crisis. The country’s central bank has been granted the right to issue licenses with the new rule set to come into effect in May.
The central bank will consider licenses after evaluating the “legality, opportunity and socioeconomic interest of the initiative” the government directive said. Local and foreign companies without a legal license could face sanctions, reports said.
Watch: Cuba approves cryptocurrency services
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The country depends heavily on remittances sent by Cubans in the United States, however, economic sanctions against the country have hit remittances as reports claim cryptocurrencies could help Cuba in the current crisis.
(With inputs from Agencies)
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