Cuba Will Set Rules to Recognize and Regulate Cypto

Cuba's government said that it will recognize and regulate cryptocurrencies for payments on the island.

A resolution published in the Official Gazette said the Central Bank of Cuba( Banco Central de Cuba – BCC)will set rules for such currencies and determine how to license providers of related services within Cuba.

Wanna be the Next Cover Person of Fazzaco Magazine?​

The BCC said in the gazette: “The Central Bank of Cuba, for reasons of socio-economic interest, may authorize the use of certain virtual assets in commercial transactions, and grant a license to virtual asset service providers for operations related to financial, exchange, and collection or payment activities, in and from the national territory, in the terms established in Decree-Law No. 362 ‘Of the Institutions of the Banking and Financial System,’ of September 14, 2018, and from there apply to these subjects the provisions of the Decree-Law mentioned above, as appropriate.” .

That said, the central bank pointed out that the government would oversee and thus control the crypto-related operations to avoid any illicit activity considered under Cuban law. The paper released by the BCC adds: “Financial institutions and other legal entities can only use virtual assets among themselves and with natural persons, to carry out monetary-commercial operations, and for exchange and redemption; as well as to satisfy pecuniary obligations, when authorized by the Central Bank of Cuba, under the provisions of the previous section of this Resolution.”