Cuba to recognize — and regulate — cryptocurrencies

Cuba Bitcoin community hosts BTC-only meetup

HAVANA, Aug. 27th  (AP)   Cuba’s government says 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 currencies can wobbly wildly up and down in value, but they’re usually independent of any central bank and use widely distributed blockchain computer codes to keep track of transfers.