Cuba will regulate the use of cryptocurrencies in commercial operations

Cuban Central Bank (BCC) Published regulations for the use of Cryptocurrency and other virtual assets in business transactions.

according to Resolution 215/2021, published in Official Gazette of CubaAnd The regulations will come into effect within 20 days and will regulate the licensing of virtual service providers that are active for financing, exchange, collection or payment operations on the island.

The Cuban entity defines these virtual assets as “the digital representation of value that can be digitally traded or transferred and used for payments or investments.” In this sense, according to the organism, the term includes concepts Digital asset, crypto asset, cryptocurrency, cryptocurrency, virtual currency NS digital currency.

Likewise, providers of such virtual assets are “any natural or legal person who engages as a business or commercial activities in the exchange between virtual assets and fiat currencies.”

With this system, in addition, BCC is the only authorized entity financial institutions Other legal persons may use virtual assets among themselves and with natural persons.

It should be noted that the issuing institute drew the attention ofIntrinsic risks of unauthorized use Virtual assets and their services, as well Legal consequences Derived from it in the civil, administrative and criminal system.

According to local media, the most popular cryptocurrency is Bitcoin, Ethereum And USDT.

This decision comes in the context of the economic crisis that the country is experiencing, which has worsened during the outbreak of the epidemic With a contraction of 11% of GDP in 2020.