Cuba’s government said Thursday (27 August) it will recognise — and regulate — cryptocurrencies for payments on the island.

A resolution published in the Official Gazette said the Cuban Central Bank will set rules for such currencies and determine how to license providers of related services within Cuba. 

The report indicated that Cuba’s government, together with the Central Bank, wants to recognize and regulate cryptocurrencies for payments.

El Salvador to deploy crypto infrastructure

Earlier this year, El Salvador made history by accepting bitcoin as a legal tender.

According to El Salvador president Nayib Bukele there will be 200 ATMs and 50 branches capable of converting Bitcoin into US dollars from September 7.

The president said that residents will have the opportunity to convert their crypto to fiat immediately after Bitcoin is recognized as legal tender. He also said that there will also be 50 branches capable of withdrawing or depositing fiat for residents to hold crypto or immediately liquidate their salaries.

Featured Image Credit: CoinGape

Also Read: El Salvador To Deploy Crypto Infrastructure Ahead Of Bitcoin Adoption Bill Coming Into Effect