Cuba Has Approved Crypto Services Subject to Bank Licensing

President Nayib Bukelel stated that he planned to raise $1 billion in order to purchase more bitcoin and construct a “Bitcoin City” powered by geothermal energy, with any extra cash going toward debt.

Despite the President’s continuous enthusiasm, including the offer of citizenship to friendly international investors, the introduction of bitcoin has had mixed effects thus far. According to a recent poll conducted by El Salvador’s Chamber of Commerce, the majority of the country’s enterprises have yet to use bitcoin for business purposes.

According to the survey, only 14% of respondents had performed bitcoin transactions since it became legal tender in the country in September.