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According to Cuba’s official state news agency Prensa Latina, on Wednesday Cuba’s central bank has officially recognized cryptocurrency.
After plans for regulation of crypto were first announced back in August, resolution 215 of 2021 issued by the Banco Central de Cuba (BCC), the country’s central bank, is now in effect.
The resolution, recognizing cryptocurrencies like Bitcoin (BTC), contains provisions for a licensing process for crypto exchanges and other digital asset service providers operating in Cuba.
With the island’s central bank now officially acknowledging crypto, Bitcoin and other cryptocurrencies can now be used for commercial transactions and investments in Cuba.
Although, the use of crypto assets in Cuba are now legalized, the central bank comes with a stern warning of the risks associated with cryptocurrencies.
There is always the possibility for bad actors to take advantage of the perceived anonymous nature of crypto transactions for illicit transactions, the bank states. In addition, since crypto is not part of a nation’s banking system, digital currencies could potentially pose risks to monetary policies and lead to financial instability.
The recognition will bring Cubans immediate advantages as for example they can now ‘legally’ enjoy easier remittance of overseas earnings despite a United States embargo on the country.
El Salvador recently became the first country to adopt Bitcoin as legal tender and in Europe, Ukraine recently legalized cryptocurrency. All signals are on for Cuba to adapt a similar line to these countries. The big question will therefore be: Is Cuba also going to make Bitcoin legal tender?