Cuba says it will recognize, regulate cryptocurrencies

Cuba says it will recognize, regulate cryptocurrencies
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The Cuban government said Thursday that it will begin to allow citizens to use cryptocurrencies, while imposing regulations for the currencies.

The country's central bank will set rules for license providers and regulate the use of cryptocurrencies, the Official Gazette wrote, according to The Associated Press.

The resolution published in the Official Gazette states cryptocurrencies are not allowed to be used for illegal activities and the Central Bank will only allow the cryptocurrencies “for reasons of socioeconomic interest.”

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The move comes shortly after protests in Cuba against the communist government.

Authorities recently banned social media posts that are critical of the government, attempting to limit protest organizers’ ability to easily plan gatherings.

Cuba is not the first Latin American country to recognize cryptocurrencies. El Salvador has also said it will recognize the currency.