Cuba regulates the use of digital assets for commercial transactions

RIO DE JANEIRO, BRAZIL – The Central Bank of Cuba (BCC) has issued a resolution establishing rules for digital assets in commercial transactions and the licensing of providers in the sector. In a resolution, the Central Bank has also set rules for licensing institutions that work with cryptocurrencies

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In the resolution, published on Thursday, June 26, the BCC states that for reasons of socio-economic interest, it may authorize the use of certain digital assets in commercial transactions and grant licenses to service providers that operate in connection with the assets in question in financial, exchange and collection activities or payments.

According to the BCC, “financial institutions and other legal entities may use digital assets among themselves and with natural persons to conduct monetary and commercial transactions, foreign exchange and swap transactions, and to meet payment obligations.” All of the aforementioned operations must be carried out with the authorization of the Cuban Central Bank.

The institution explained that a digital asset means “the digital representation of a value that can be digitally traded and transferred, used for payments or investments.”

The BCC also clarified that “people assume the civil and criminal risks and liabilities of dealing with digital assets and service providers that operate outside the financial and banking systems, although transactions involving such assets are not prohibited.”

On the other hand, the resolution stated that government entities must refrain from using digital assets in transactions unless authorized by the Central Bank of Cuba.

According to the BCC, the management of such digital assets and service providers, even if they operate outside the financial and banking systems, poses risks to monetary policy and economic stability due to their high volatility and use in data networks in cyberspace.

The BCC also pointed out that cryptocurrencies can be used for criminal activities due to the excessive anonymity of users registered in such networks and the transactions resulting from their use.

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