El Salvador was the first country to ever adopt Bitcoin despite all the negative feedback which the country received not only from the World Bank but IMF as well. This was rather a harsh transition for El Salvador, but it sincerely pulled it off. Bitcoin, in all originality, is a legal tender in El Salvador and the countries even going out on a limb to develop its first state-controlled wallet app for local as well as international users residing within the country.
Many other countries did converge on this very application which El Salvador managed to pull off with Bitcoin, but their interest was lost sooner or later. Now we have Cuba diving in towards the same goal as El Salvador as the Cuban government is seriously giving crypto adoption a serious thought.
Cuba may Adopt Cryptocurrency
The Cuban president, Miguel Diaz Canel, is currently working with this cabinet to come up with a reasonable plan which will allow the country to initiate its preferred option project. According to house reports, Cuba would have taken the lead, but the COVID-19 situation was too delicate to allow the expenditure of the country’s resources on something other than the tackling of the Pandemic. According to a survey, Cubans are as eager as their government who will step into the crypto space coma; the Cuban government is currently working on a plan to be able to align regulatory aspects of this project with that of the state’s own financial laws and testament.
In the end, all of this it’s subjective to how the central bank is willing to move with this, what would be the nature of licenses inaugurated, and to whom these will be provided so crypto exchanges for marketers or investors could operate within the country. The Cuban economy has never been stable and in the recent past has taken a heavy hit as the US has enforced more severe sanctions and regulatory oversight over the usage of the dollar by the country.
But Cuba is sincerely willing to let it slide and focus all of its energy and resources towards the administration of cryptocurrency within the country; according to financial analysts, it may be a bolder move, but it is the one that will bring the economy of this riddled western land together.