Cuba will regulate the use of cryptocurrencies in commercial operations

Central Bank of Cuba (BCC) have published rules for the use of cryptocurrency and other virtual assets in commercial transactions.

According to Resolution 215/2021Posted in Official Gazette of Cubahandjob The rules will come into force within 20 days and will regulate the licensing of virtual active service providers for financial, exchange and collection or payment operations on the island.

The Cuban entity defines these virtual assets as “digital representations of value that can be traded or transferred digitally and used for payments or investments.” In this sense, according to the organism, it encompasses the concepts of the word digital asset, crypto asset, cryptocurrency, cryptocurrency, virtual currency hey digital currency.

Likewise, they are service providers of these virtual assets “any natural or legal person who engages in the exchange between virtual assets and fiat currencies in the form of business or in commercial activities”.

In addition to this regulation, BCC is the only body authorized to financial institutions and other legal persons may use virtual property among themselves and with natural persons.

It should be noted that the issuing institution hasInternal risks of unauthorized use virtual assets and their services, as well as legal consequences in civil, administrative and criminal systems.

According to local media, the most popular cryptocurrencies are bitcoin, ethereum And USDT.

The decision comes within the framework of the economic crisis the country is facing, which has worsened during the pandemic. With a contraction of 11% of GDP in 2020.