Cuban Central Bank To Recognize Crypto Payments

By | August 27, 2021

As the latest cryptocurrency news informs, the Cuban Central Bank (BCC) is going to authorize the use of virtual assets for commercial transactions. The authority also plans to grant licenses to the service providers in the crypto sector for financial and exchange operations as well as for collection and payment activities.

BCC defines a virtual asset as a digital value representation that can be traded and transferred virtually and used for payments and investments.

BCC sets the rules for the use of digital assets

On August 26, the Central Bank has issued a resolution, establishing the rules to regulate crypto payments in the country. In the document, the Cuban authority argues that the recognition of digital assets is necessary for socioeconomic reasons. The resolution will come into force within 20 days of its publication.

The resolution stipulates that the financial institutions and other entities may use digital currencies only for operations authorized by the Central Bank. The BBC also states that the entities should refrain from the crypto transaction between private individuals and with unlicensed institutions.

In the official document, the Cuban Central Bank also recognizes the risks of illegal financial activities, associated with the use of cryptocurrencies.

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