Cuba sets new rules for cryptocurrency usage

Cuba is the newest addition to the list of countries that will introduce rules and regulations to regulate the usage of cryptocurrencies. A new resolution allows the Central Bank of Cuba to make the necessary changes. The bank is set to authorize commercial cryptocurrency transactions and collecting payments.

The bank described what digital currencies mean, what they entail, and how they should be used in payments.

Not acknowledging or complying with these regulations, or using these currencies outside the designated area, may result in civil and criminal offenses.

The bank says that even with the establishment of these rules may not provide a guarantee from the risks that may happen due to market volatility. Also, cryptocurrencies may be used in criminal activities, which is why, these rules must be present there, bank official says.