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Cuba and Honduras get crypto

Regional 31 Aug, 2021 Follow News

Cuba hopes its cryptocurrency will help the economy

Cuba’s government will soon recognise and regulate cryptocurrencies for payments there. This comes on the back of Honduras introducing its own cryptocurrency.

Cuba’s Central Bank will set rules for cryptocurrencies and determine how to license providers of related services within Cuba.

It comes as the Central American nation of El Salvador prepares to officially recognise the use of Bitcoin to encourage remittances from its citizens living abroad when its crypto law comes into effect on Sept. 7. The first cryptocurrency ATM in Honduras opened last week as Bitcoin backers sought to spur demand for virtual assets.

The machine, locally dubbed “la bitcoinera,” allows users to acquire bitcoin and ethereum using the local lempira currency and was installed in an office tower in the capital of Tegucigalpa by Honduran firm TGU Consulting Group.

Juan Mayen, 28, chief executive of TGU, led the effort to bring the ATM to Honduras in hopes of educating people about virtual assets through first-hand experience.

Until now, there was no automated way to buy cryptocurrencies, he said.

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