The Central Bank of Cuba regulates the use of cryptocurrencies in the country’s territory

Published:

28 ago 2021 15:19 GMT

The new resolution regulates the use of cryptocurrencies in Cuban territory.

The Central Bank of Cuba has published a resolution in the Official Gazette of the Republic on the use of cryptocurrencies in the national territory.

The resolution, which will enter into force in about 20 days, places the Cuban Central Bank as the only institution with the power to regulate the issue throughout the national territory.

In the document, the Central Bank defines the “virtual asset” as “the digital representation of value that can be traded or transferred digitally and used for payments or investments.” Thus, the term includes various meanings used for the same purposes, such as “digital asset, crypto asset, cryptocurrency, cryptocurrency, virtual currency and digital currency.”

The measures include, for example, the granting of licenses to commercial and financial entities, and also to persons who carry out financial intermediation tasks.

Central state agencies, ministries, or political or social organizations cannot operate in cryptocurrency, except for some exceptions that will be made promptly if this allows opportunities to be opened in the business world.

The institution indicates in the resolution that it may authorize the use of certain cryptocurrencies “for reasons of socio-economic interest” for commercial transactions, as well as granting a license to virtual asset service providers for operations related to financial, exchange and collection activity. payments, in and from the national territory.

“This was something that until now had not been allowed. (…) It will allow a group of companies and people to request their license to work with virtual assets, with cryptocurrencies”, believes Alexi Massó, a mathematician who is an expert in cryptocurrencies.

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