Cuba is reportedly looking into ways to recognize cryptocurrencies as a viable payment option.
Based on information obtained by news agency Al Jazeera, the country’s central bank is exploring ways of introducing mainstream cryptocurrencies into the daily lives of the nation’s citizens.
Authorities will supposedly distribute licenses to businesses that want to start accepting cryptocurrencies in payment or issue sales in crypto.
Cuba has been forced to seek alternatives as the country is still facing mounting US sanctions imposed by former US President Donald Trump’s cabinet.
In light of that mounting pressure, Cuba has chosen to combine the tech-savviness of its citizens with the innovative approach to payments that is crypto, Al Jazeera reported.
Cuba is far from the only country to have a shot at crypto. El Salvador, another small and economically-challenged country is also following the path of quick crypto adoption in a bid to break away from economic malaise.
If El Salvador and Cuba succeed in their mission to create a viable economy that relies on Bitcoin and other cryptocurrencies, it could potentially lead to reduced overall remittance costs in the region and argue a strong case for broader crypto adoption into the mainstream.
However, some financial institutions have been wary of such expedited proceedings. The International Monetary Fund (IMF) warned of “dire consequences” in the case of El Salvador.
For those looking to enjoy crypto, there are plenty of options, including Bitcasino.io, 1xBit and FortuneJack. You don’t have to wait for your country to switch to crypto to do that.