The Cuban authority is reportedly having plans down their pipeline to finalize the recognition and establish an appropriate regulatory framework for payment-focused crypto. 

Specifically, the central bank of the Caribbean country will reportedly come up with legislation dedicated to mainstreaming cryptocurrency transactions.

The Cuban government further aims to carry out the distribution for necessary licenses to companies, depending on the type of crypto offerings they look to push out. 

Numerous sources reportedly confirmed that this fresh initiative to recognize cryptocurrency as a legal tender has reportedly received supportive reactions from Cuba’s tech-savvy audience, since the nation has to put a temporary shutdown on accepting cash bank deposits in United States dollars, due to stricter requirements established by former U.S. President Donald Trump.

The economies that are experiencing hardships, nominally El Salvador, have reportedly also begun to mainstream Bitcoin (BTC) adoption. On August 23rd, Salvadoran President Nayib Bukele disclosed details for construction of nationwide infrastructure, devoted to facilitating the adoption of Bitcoin.

El Salvador’s Bitcoin adoption policy reportedly has the potential to bring down overall remittance costs, as well as the possible ability to offer transformation to the remittance scene throughout Central America, as claimed by the Central American Bank for Economic Integration (CABEI).

Dante Mossi, executive president of CABEI, reportedly has beliefs that El Salvador’s “out of this world experiment” could pave the way to an enhanced financial inclusion, and because of that, it will be beneficial for CABEI to assist El Salvador in designing a technical framework for Bitcoin adoption.