The Cuban central bank issued new directives for virtual assets service providers operating in the country to increase regulation of the crypto industry, Reuters reported.
Cuba approved the use of cryptocurrencies for its citizens in 2021.
In the official gazette of the bank published on April 26, the bank stated any crypto project looking to operate in the country would have to apply for a license with the regulator.
This license will be valid for only one year initially.
This move has led some to believe that Cuba’s crypto adoption might be a way for it to avoid U.S. sanctions. The U.S. has heavily sanctioned the island nation for decades, making it difficult for its financial system to thrive.
Cubans have little to no access to the traditional financial markets and payments system. And due to the U.S. trade embargo, they don’t have access to debit or credit cards for international payments.
Internet access boosts crypto adoption
Crypto adoption in Cuba has grown significantl
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