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Communist nation embraces cryptocurrency to avoid US sanctions

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This Communist country will regulate and recognise cryptocurrencies as demand grows for the digital currency

As the popularity of cryptocurrency continues to gain speed in across the world, Cuba says that it will officially recognise and regulate crypto payments.

The central bank says that it will set rules and determine how to license providers in the space. The state cited “reasons of socioeconomic interest” are behind the decision.

The move could help the Communist nation circumvent American sanctions which were enacted by former president Trump.

The decision to recognise crypto marks a historic moment

“It’s historic that they are embracing it,” Boaz Sobrado told CNBC. Sobrado is a London-based fintech data analyst, who spent four years working in crypto in Cuba.

“This is a conservative government still set in traditional Marxist ways. In fact, the communist Cuban central bank was founded by Che Guevara. The fact that they are cautiously regulating shows they are interested in what it can bring them,” Boaz said.

People participate in a rally outside the White House in Washington, Tuesday, July 13, 2021, in support of the protesters in Cuba. (AP Photo/Susan Walsh)

US-Cuba relations

Current US president Joe Biden is yet to reverse the restrictions, despite expectations that he would normalise relations with the country.

Instead, Biden has cracked down even further following government retaliation to protests in Cuba.

The state has assured that it will be keeping a tight control of crypto transactions within its borders. It also has explicitly outlined that crypto will not be used to facilitate illegal activity.

Want to find out more about Crypto? Hear the latest from our resident experts on Ticker Crypto

Natasha is an Associate Producer at ticker NEWS with a Bachelor of arts from Monash University. She has previously worked at Sky News Australia and Monash University as an Online Content Producer.

Business

We know how the crypto market will recover, but when?

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$2.2 Trillion Institutional Crypto Price Prediction Reveals Bitcoin And Ethereum Could Be Poised For Recovery

The crypto market took a huge hit after the Federal Reserve’s announcement of quantitative easing, but one analyst is predicting that both bitcoin and ethereum could stage a recovery in the near future.

According to a report from investment firm JP Morgan, the two largest cryptocurrencies by market capitalization could see prices rise to $14,000 and $3,900 per coin, respectively.

This would represent a significant rebound from their current levels of around $10,000 and $200.

The report cites the recent influx of institutional investors into the crypto space as a key driver of this price growth.

With more and more big money players getting involved in crypto, JP Morgan predicts that the market could soon see a “new paradigm” of price discovery.

So far, crypto has been largely driven by retail investors, who are often more prone to emotional buying and selling.

With institutional investors coming in, there could be more stability in the market and less volatility.

JP Morgan’s report is just one of many bullish crypto predictions that have come out in recent months.

With more and more mainstream companies and financial institutions taking crypto seriously, it seems that the once-niche market is finally coming into the mainstream.

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Business

Ex-Crypto boss Do Kwon denies he’s on the run

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Do Kwon is denying reports he is on the run

The founder of Terraform Labs denied reports he is on the run from South Korean authorities.

It follows an international arrest warrant being issued for the cryptocurrency executive

Kwon’s company was behind the algorithmic stablecoin terra and its sister token luna, which collapsed in value from around $60 billion to nearly nothing in May.

The collapse of these tokens caused a ripple effect throughout the cryptocurrency industry, with those exposed to terra and luna, including Three Arrows Capital, feeling the pain.

Kwon insists that he is not fleeing from authorities and is cooperating with investigators.

Some analysts say this case highlights the risks associated with investing in cryptocurrency.

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Do Kwan wanted by Interpol over Terra collapse

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Interpol has asked law enforcement agencies worldwide to find and arrest Do Kwon, founder of the failed cryptocurrency Terra.

The BBC reports that a red notice has been issued for the 31-year-old, who is accused of fraud over the company’s $40 billion collapse.

The notice reportedly requests information on Kwon’s whereabouts and calls for his arrest and extradition to South Korea.

It’s the latest development in the ongoing saga of the Terra blockchain project, which has been mired in controversy since its inception.

The project raised billions of dollars through an initial coin offering in 2017, but it has since been dogged by allegations of fraud and mismanagement.

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