Resolution 215 of 2021 issued by the Banco Central de Cuba (BCC) — the country’s central bank — recognizing cryptocurrencies like Bitcoin (BTC) is now in effect. According to Cuba’s official state news agency Prensa Latina, the order became official on Wednesday. With crypto legally recognized by the BCC, Bitcoin and other cryptocurrencies can now be used for commercial transactions and investments in Cuba. As previously reported by Cointelegraph, the central bank first announced plans to recognize and regulate crypto back in late August. Indeed, Resolution 215 of 2021 contains provisions for a licensing regime for crypto exchanges and other …
The Bank for International Settlements (BIS), a global financial institution owned by some of the world’s biggest central banks, is trying to dispel the theory that cryptocurrency ownership is linked to distrust in traditional finance. On Thursday, the BIS published a paper on the socioeconomic drivers of cryptocurrency investments in the United States. Employing representative data from the U.S. Survey of Consumer Payment Choice, BIS argued distrust in fiat currencies such as the U.S. dollar has nothing to do with investor motivation to hold cryptocurrencies like Bitcoin (BTC), stating: “Demand for cryptocurrencies is not driven by distrust in cash or …
Global banking institutions have been expressing more interest in Bitcoin (BTC) as the cryptocurrency consistently breaks new all-time highs, according to a new report. Tom Robinson, co-founder of major British crypto firm Elliptic, told The Telegraph on Wednesday that his company saw a massive surge in Bitcoin-related inquiries from global banks. The executive noted a wave of Bitcoin-associated demand from United States-based banking institutions over the past two months. According to Robinson, several financial institutions in the U.S. “are seriously considering launching some type of cryptocurrency service.” British banks were the most reserved in terms of the demand’s uptick, the …
Miami Mayor Francis Suarez has proposed an official resolution that would see Bitcoin (BTC) become an acceptable payment instrument in various parts of the city's administration. Announcing the news on Twitter, the Mayor said that the city commission has supported the resolution, and is now taking next steps: “I wanna thank the city of Miami commissioners for supporting my resolution, which directs a city manager after analysis to procure a vendor to be able to offer our employees to get a percentage of their salary in Bitcoin; allows our residents to pay for fees in Bitcoin.” The resolution would also …
Cuba is seeing an influx of cryptocurrency activity amid an apparent absence of related regulation in the country, according to senior executives at local crypto firms. In early November, Cuba recorded a major spike in Bitcoin (BTC)-related Google queries, indicating an increase in crypto activity in the country. Founders of major local crypto exchanges Qbita and Bitremesas told Cointelegraph that their platforms have seen increased activity in recent months. Erich Garcia, the creator of Bitremesas, told Cointelegraph that the platform has been steadily growing this year, seeing a notable influx in user activity. “By now, the use of the service …