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 recognise use of the cryptocurrency Bitcoin as a way to
encourage remittances from its citizens living abroad. Bitcoin price in India
stood at Rs. 36.88 lakhs as of 11am IST on August 27.
The currencies, which can wobbly wildly up and down in
value, are usually independent of any central bank and use widely distributed
blockchain computer codes to keep track of transfers.
Because they can be used for long-distance transactions that
are supposedly anonymous, they are often popular with people attempting to
evade government regulations — presumably including US restrictions on sending
money to places such as Cuba.
The resolution says the Central Bank can authorise use of
cryptocurrencies “for reasons of socioeconomic interest” but with the state
assuring that their operations are controlled. It also explicitly noted that
operations could not involve illegal activities.
A local cryptocurrency expert, programmer Erich GarcÃa, said
some Cubans are already using such devices, often via gift cards, for online
purchases.
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