Cuba’s central bank announced that it would recognise and regulate the use of crypto. But details of the new rules remain cryptic
Parts of Latin America and the Caribbean are experimenting with alternatives to cash. In September Nayib Bukele, the president of El Salvador, introduced a law which makes bitcoin, a cryptocurrency, legal tender. Mr Bukele, who is increasingly authoritarian, pushed through the law despite the fact few Salvadoreans actually want to use crypto.
Accustomed to finding creative workarounds in desperate situations, Cubans abroad began offering to sell cryptocurrency, such as bitcoin, to people on the island with mobile phones and the technological know-how. The buyers would then deliver the purchase price in pesos to the seller’s family or friends.
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