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Communist nation embraces cryptocurrency to avoid US sanctions
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.
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
Australia’s multimillion-dollar campaign to attract Hollywood productions to its shores appears to be paying off.
The allure of Australia lies not only in its picturesque locations but also in its competitive financial incentives.
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Despite the recent intake of Hollywood productions down under such as ‘The Fall Guy’ and ‘Furiosa: A Mad Max Saga’, Aussie independents are still finding the space to carve their own creative path.
Rob Fantozzi joined the program to discuss the latest in Hollywood, and showcased his own upcoming project – ‘Omerta‘. #featured
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