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Cuba is up to define Crypto Regulation Guidelines

Sep 02, 2021

Miguel Diaz-Canel, the President of Cuba, has left hints on the possibility of crypto-regulations in various speeches during last couple of months.

Banco Central de Cuba (BCC – The Central Bank of Cuba) – has left a message in its official gazette in regard of their plans to define a set of rules in order to recognize and regulate cryptocurrencies and the industry itself within the Island.It as well explains that the government of Cuba is seeking to establish guidelines for crypto-related providers licensing.

“The Central Bank of Cuba, for reasons of socio-economic interest, may authorize the use of certain virtual assets in commercial transactions, and grant a license to virtual asset service providers for operations related to financial, exchange and collection or payment activities, in and from the national territory, in the terms established in Decree-Law No. 362 ‘Of the Institutions of the Banking and Financial System,’ of September 14, 2018, and from there apply to these subjects the provisions of the Decree-Law mentioned above, as appropriate,” the Banco Central de Cuba declared in the gazette.

With that being said, the Central Bank of Cuba has noted that the authorities would oversee and thus control the crypto-related operations in order of avoiding any illicit activity under the Law of Cuba. The paper released by the Banco Central de Cuba as well states the following: “Financial institutions and other legal entities can only use virtual assets among themselves and with natural persons, to carry out monetary-commercial operations, and for exchange and redemption; as well as to satisfy pecuniary obligations, when authorized by the Central Bank of Cuba, under the provisions of the previous section of this Resolution.”

Interests of Cuban government in Cryptocurrencies

Since Cuban President, Miguel Diaz-Canel, has been well known for his interest towards the cryptocurrencies, the announcement made by the Central Bank of Cuba did not come as a surprise.

Deutsche Welle, world-wide famous media outlet from Germany, at the very end of the last year has released a report, highlighting those start-ups in Cuba were using Bitcoin (BTC), Ethereum (ETH) and other cryptocurrencies to fill the gap created after the Western Union closed more than 400 branches in the country amid financial restrictions.

Our editorial office continues to keep an eye out on crypto-regulations all over the world and our improvised cycle of articles on this topic continues – Cuba is following the likes of Tanzania, El-Salvador, Japan and South-Africa – all of those countries are paying attention to crypto-currencies and are working hard in order to develop the respective legislation.

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