Bitcoin price rebounds above $47,000 Friday morning

According to Coindesk, the coin’s price was approximately $47,500 while its rivals Ethereum (or Dogecoin) were trading at around $3,130 and 27 Cents per coin.

According to The Associated Press, Cuba’s government has entered the cryptocurrency market, stating that it is willing to accept and regulate cryptocurrencies for payment on its territory.

In a resolution published in the Official Gazette, the Central Bank stated that it will establish rules for these currencies and decide how to license providers of such services within Cuba.

These currencies are increasingly popular among Cuba’s technologically-savvy population, as it is becoming more difficult to use dollars. This is partly due to the tougher embargo rules that were imposed by former President Trump.

According to the resolution, the Central Bank may authorize the use of cryptocurrency ‘for socioeconomic interests’. However, the state must ensure that they are properly controlled. It explicitly stated that the operations cannot involve illegal activities.

Another cryptocurrency news: El Salvador, a Central American country, had previously announced that it would accept Bitcoin as a means to encourage international remittances.

El Salvador will be the first country in less than two weeks to adopt Bitcoin as its national currency.

In a scheme to give $30 to anyone who signs up for an e-wallet called Chivo (or ‘Cool), the Central American government plans to spend as much as $75 million. According to the Wall Street Journal, this software-based system will allow 2.5 million Salvadorans to purchase goods and pay for services in U.S. Dollars or bitcoin.

El Salvador’s $26 Billion economy could be negatively affected by the foray into Bitcoin.

If the crypto asset’s value rises and people rush to the safety of dollars, the central bank of an indebted country could be forced by the government to use hard currency reserves to purchase bitcoin.

According to the Journal, President Nayib Bukele stated that bitcoin adoption will increase foreign investment and foster cheaper financial services.