Today a news has come out that has taken me by surprise, the Russian government news portal, Russia Today, reports that the Cuban Central Bank authorizes and at the same time regulates the use of cryptocurrencies in the country, being the Central Bank de Cuba, the institution in charge of granting licenses to cryptocurrency exchanges and these will operate officially in the country.
Source: RT
If anyone wants to read more about this theme, please read the following articles, in english, but also in spanish:
https://beincrypto.com/crypto-payments-legal-green-light-cuba/
https://www.dimecuba.com/revista/noticias-cuba/banco-central-cuba-criptomonedas/
https://actualidad.rt.com/actualidad/402182-banco-central-cuba-regular-uso-criptomonedas
https://www.gacetaoficial.gob.cu/sites/default/files/goc-2021-ex73.pdf
Can the Central Bank of Cuba "regulate" the use of cryptocurrencies?
This news has made me ask the following question: Can the Central Bank of Cuba "regulate" the use of cryptocurrencies? The matter is complicated that's why i want to read the comments of the community about this, because the people of Cuba long before this resolution of the Central Bank have been using cryptocurrencies as a form of exchange with essential goods and services for the survival of any human being: food, products of hygiene and other commercial transactions
Surely many of you have seen in different exchanges and cryptocurrency platforms that do not work in different countries of the world, including Cuba and sometimes with Venezuela and other countries in the Middle East, Africa, even Crimea.
Even with the restrictions of various platforms,for example, in the case of Latin America, Venezuela leads the Global Crypto Adoption Index in this region and this country actually is occupying the seventh position in this ranking globally. Venezuela is onyl being surpassed by countries like Vietnam, India, Pakistan, Ukraine, Kenya and Nigeria.
Global Crypto Adoption Index
Source: Venezuela Analysis
The interesting thing about this data is that Venezuela surpasses the United States in this ranking, and other Latin American countries such as Colombia and Argentina also occupy very high positions in this table. In addition, it is striking to see Afghanistan in this ranking.
The news of the recognition of the Central Bank of Cuba to the use of cryptocurrencies but in a “regulated” way leads us to reflect that even with the regulations or in some cases prohibitions of the governments and central banks of the world on the use of cryptocurrencies. People in search of financial freedom manage to enter this wonderful world, because that is the revolutionary idea of blockchain technology and the use of bitcoin and other cryptos as a means of exchange of value brings with it the fact that this technology can prevent the censorship of authoritarian regimes.
Personally, I consider that the authorization of the Cuban government and the Central Bank of this country to exchanges with cryptocurrencies is due to an attempt to avoid the dollarization of the Cuban economy, we all know the difficult situation that the Cuban people are experiencing, who use informally US dollars due to the devaluation of the Cuban peso (CUP)
Now it only remains to wait what type of projects and exchanges will officially operate with the authorization of the Central Bank of Cuba, although people from all over the world and especially from Latin America will continue to use cryptocurrencies. Governments are trying to adjust to a new reality but apparently they still do not have a good idea of how these markets work. The special thing about the crypto market is that it is anti-censorship and allows freedom of speech, two universal values that governments around the world want to avoid at all costs.
The challenge is to expand the use of the internet and I the expanding use of these technologies will allow in the future the massive use of cryptocurrencies so that each individual can emancipate themselves from the controls of central banks and governments. It may sound like a utopia today, but it may be the reality of tomorrow.
Anyway, I want to ask the LeoFinance community their opinion on this issue, always with respect, because this article does not have ideological or political positions. We only analyze the news related to crypto and the implication this has in the lives of millions of people around the world.