Cuba Paves the Way to Recognise and Regulate Cryptocurrencies

The Central Bank of Cuba may permit the use of cryptocurrencies in commercial transactions and license providers of virtual asset services. In its rationale, the regulator cited “socio-economic interests”.

According to the resolution published on August 26, резолюции, a virtual asset is understood as “a digital representation of value that can be sold or transferred digitally and used for payments or investments”.

“Financial institutions and other legal entities may use virtual assets only among themselves and with individuals for conducting monetary and trading operations, exchanges, and for fulfilling obligations,” the document states.

The central bank emphasised that participants in such transactions assume all risks. The above-mentioned operations are possible with the regulator’s approval and subject to authorities’ oversight.

“Government agencies must refrain from using virtual assets in transactions, except in cases authorised by the Central Bank of Cuba,” the document states.

Earlier, the authorities of El Salvador recognised Bitcoin as legal tender on a par with the dollar. By September 7, there will install 200 ATMs with the option to convert the digital asset.

The initiative did not resonate with local remittance services — only some have integrated Bitcoin support. According to surveys, only 16% of the country’s residents agreed to receive salaries in digital gold.

In April the Cuban government included cryptocurrency in the “guiding principles of the party’s and revolution’s economic and social policy” through 2026. The initiative is intended to support the economy under U.S. sanctions.

Subscribe to ForkLog news on VK!