El Salvador and the Central African Republic have already established the legal framework for bitcoin use.
However, there are numerous other nations where the populace is becoming increasingly reliant on digital assets. Cuba is one of them. A country that has been hit by both US sanctions and economic difficulties.
People learned that bitcoin and other cryptocurrencies may be utilized without the government’s knowledge. Furthermore, payments may be sent across national borders anonymously.
The state apparatus regards this as a thorn in its side, because President Miguel Daz-Canel prefers to preserve control.
In response, the government is attempting to eliminate the underground economy through regulatory regulations. The primary purpose of these measures is more transparency, which will be accomplished through licensing. Only those with such a license are permitted to provide services in this domain.
According to Reuters, cryptocurrencies are the only means for Cubans to send money overseas because the US prohibits the use of standard payment systems.
According to a former Central Bank of Cuba economist:
“If the central bank is establishing a favorable legal framework for cryptocurrencies, it is because it has already determined that it can benefit the country.
Reduced costs for international transactions play a role, as does an alternative to dollar transactions, which are less susceptible to sanctions.”
