Cuba will now recognize and regulate cryptocurrencies such as bitcoin, citing “reasons of socioeconomic interest.”

Resolution 215, which was published Thursday in the state-run Official Gazette, says the central bank will set new rules for how to deal with digital currencies. Commercial providers of related services will now need a license from the central bank to continue operations.

The American embargo on the communist state has turned Cuba into a pariah in the global economy. Cuba’s decision to join El Salvador in embracing decentralized virtual cash could help the country to circumvent the U.S. sanctions regime, which was dialed up under former President Donald Trump and has been extended under President Joe Biden.

“It’s historic that they are embracing it,” said Boaz Sobrado, a London-based fintech data analyst, who spent four years working in crypto in Cuba.

“This is a conservative government still set in traditional Marxist…

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