The government of Cuba said that the country's Central Bank will establish rules for the recognition and regulation of payments in cryptocurrency.

An announcement was published on the official website about the decision of the central bank of Cuba to recognize the use of cryptocurrency for reasons of socio-economic interests. The Cuban government has stated that cryptocurrency transactions cannot be associated with illegal activities.

The central bank will determine the rules for cryptocurrencies and also look for license providers for relevant services within the country. cryptocurrencies have become popular in Cuba, allowing citizens to bypass US sanctions. Cuba will follow in the footsteps of El Salvador. It can be recalled that El Salvador has already approved a law that gives Bitcoin the status of the official currency alongside the US dollar. The law will come into force in September.

Last November, the Trump administration imposed a ban on money transfers to Cuba through financial sanctions. These actions led to the closure of about 400 subsidiary offices of Western Union in the poor country. About $ 3 billion of money transfers pass through Cuba every year.