The restrictions on remittances from the US by President Trump’s administration, which has made the sending and use of the US dollars in Cuba difficult, is leading to the adoption of other alternatives like crypto.

The Cuban government is said to be taking steps towards recognizing and regulating cryptocurrencies for payments in the country to avoid the sanctions placed by the US government.

According to a report published by Aljazeera, the Central Bank of Cuba will set rules that will regulate digital currencies and also handle the licensing of crypto-related services.

The use of cryptocurrency is already gaining popularity in the Island country as tech savvy groups are using it as an alternative to US dollars. This happened ever since it has become difficult assessing it after the strict rules imposed under former United States President Donald Trump.

In the last 24 hours, bitcoin is up by 0.86%, with a current price of $47,679.78 as at the time of writing this. Within 24 hours, bitcoin dropped to $46,386.40 low and $79,780.90 high. The trading volume of bitcoin in the last 24 hours is $ 872.13M. The current market capitalization of bitcoin is $896.30B. Currently, $18.80M bitcoins is in circulation.

Stats and Image from Coin Desk

This move by the Cuban government might be influenced by the recent adoption of Bitcoin as a legal tender and the government’s subsequent action of setting up infrastructure and systems to accommodate the new development.