FinancialCentre Reports – How Will Cuba Regulate The Use Of Cryptocurrencies- And Will It Be Successful?

London, UK, 4 Sep 2021, ZEXPRWIRE – In order to become a crypto trader, one has to be daring, experimental and obviously strong enough to bear with any shock that might come one’s way. FinancialCentre Broker Michael Goldberg Crypto is no ordinary profession and hence it takes a lot to become a successful crypto trader or an exchanger. The first time the world was introduced to crypto was back in the year 2009. It was then when Bitcoin came out and as expected the idea did not meet any significant appreciation. No one was ready to believe the creators that one day this digital token will be responsible for taking the global financial industry a step ahead. 

A few years later Bitcoin picked up the pace and we saw it growing up and eventually reaching a point where huge companies are eagerly looking into adopting Bitcoins as payment methods or buying and holding these. After the introduction and massive success of Bitcoin, we had others rolling out soon too. 

Today we have more than 4000 cryptos found all over the world but none of them has succeeded in superseding Bitcoin in terms of market cap and of course popularity. Goldberg says that although after bitcoin stands Ethereum, it is well below and this makes the experts think that Bitcoin might continue ruling for a long time ahead despite the fact that Ethereum has a lot more than bitcoin to serve the customers with. Today the market cap of Bitcoin is over 850 billion US dollars while that of Ethereum is over 350 billion US dollars. 

What Are The Hindrances About?

If bitcoin has become this huge and it holds so much potential then what makes the nations so reluctant to adopt it? Why are all the countries not ready to give up on the idea of regulating the use of digital tokens. Well, the answer is simple.  Bitcoin and all the cryptos are not only profitable coins in fact these can be remarkably dangerous for the nations. Be it superpowers or underdeveloped countries, all have been investing efforts to come up with laws so that they can make full use of the otherwise destructive coins. 

These legislations are only a consequence of the property of digital coins that they can be transferred while the users remain hidden. You might want to use your money to fund activities that have been banned in the country without the officials knowing it. To make sure that all transactions are monitored and registered all the nations are coming up with laws but many crypto experts and users think that these laws are killing the reason why bitcoins and crypto were put out. 

Cuba

Cuba is a small island located near the Caribbean Sea. The country is one of the few countries that are welcoming crypto because they realize how much potential it holds. Reports from Cuba suggest that the county is ready to let its residents enjoy the benefits crypto brings but like all other nations they wish to come up with laws to make it more usable. The official Gazette of the Island, Cuba said that the Central bank of Cuba will develop appropriate rules and regulations to cater to the growing  “social and economic interest” of investors in Cuba in crypto. 

Cubans are a rather tech-savvy nation and they have been showing huge interest in crypto for a long time. Goldberg pointed out that due to political reasons like the trade embargos by the former United States President, Donald Trump, Cubans could not use dollars easily and hence they made a shift towards crypto. It is seen that many people are purchasing coins through gift cards and later utilizing them for e-commerce purchases. 

Weighing Success

Seems like Cuba is ready to go beyond promises and claims and actually make the use of bitcoin and other cryptos possible. This can be seen from the fact that the country has formally collaborated with a digital wallet company called Strike. This partnership is only so that the lawmakers and crypto experts can together work to come up with a bitcoin infrastructure that will satisfy the users and the state too. 

Mr Goldberg says that if Cubans succeed in this then it will be a huge milestone for the country but it should be kept in mind that it is not as easy as it sounds. He said that we keep hearing news of crypto experts being upset over the regulated use of coins because they believe that all laws and rules are making the survival of crypto traders hard. Many exchange owners and experts have already expressed their grievances and it remains a challenge for countries like Cuba to come up with a middle ground acceptable for all. 

Disclaimer: Our content is intended to be used for informational purposes only. 

It is very important to do your own research before making any investment based on your own personal circumstances. 

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