Central Bank of Cuba licensing cryptocurrency services

Central Bank of Cuba licensing cryptocurrency services
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  • bitcoinBitcoin (BTC) $ 30,081.00 0.45%
  • ethereumEthereum (ETH) $ 2,045.60 1.56%
  • tetherTether (USDT) $ 0.999322 0.01%
  • usd-coinUSD Coin (USDC) $ 1.00 0.26%
  • binance-coinBNB (BNB) $ 300.22 0.41%
  • xrpXRP (XRP) $ 0.421138 2.01%
  • cardanoCardano (ADA) $ 0.569888 2.44%
  • solanaSolana (SOL) $ 54.48 2.49%
  • binance-usdBinance USD (BUSD) $ 1.00 0.59%
  • polkadotPolkadot (DOT) $ 10.94 1.36%
ECONOMY

Central Bank of Cuba licensing cryptocurrency services

The Central Bank of Cuba allows cryptocurrency service providers to legally operate on the island.

04/28/2022

Central Bank of Cuba licensing cryptocurrency services

The Central Bank of Cuba released regulations permitting digital asset service providers to secure licenses. 

On Tuesday, the Cuban government’s official Gazette announced the central bank would examine the legality, socioeconomic interest, and service characteristics before granting a license.

Central Bank of Cuba authorizes crypto providers

At first, the Central Bank of Cuba revealed in August 2021 its Bitcoin-friendly regulatory framework amidst the US economic sanctions. 

Former economist of Cuban central bank Pavel Vidal commented on the latest economic move of Cuba. 

“If the central bank is creating a cryptocurrency-friendly legal framework, it is because they have already decided that it can bring benefits to the country,” he pointed out.

As the central bank takes steps in authorizing crypto companies, the license is valid initially for one year if granted. Meanwhile, the regulators are firmly prohibiting illicit crypto activities.

Cuba reshapes its economic status

Due to the US embargo, Cubans cannot send and receive remittances in dollars which is partly one of the causes of the unfavorable economic situation on the island. As a result, numerous companies closed their outlets in Cubasuch as Western Union and Starbucks.

Former US President Donald Trump forcibly imposed ‘embargo regulations’ in 2020. However, President Joe Biden has not reversed the sanctions.

Regulating digital currencies was the first Communist Party plan. Last year, the estimated cryptocurrency holders in Cuba were around 80,000 to 200,000. Moreover, Several Cuban software developers increased in 2020 as they aimed to access Bitcoin.

By Marielle Petere Wozinga Staff

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