According to a report by Cuba’s official news agency, Prensa Latina, the Cuban Central Bank issued Cryptocurrency Resolution No. 215 on September 16, establishing virtual currencies as a legitimate mode of business transactions in Cuba. Furthermore, the Bank’s Crypto positive resolution stipulated that crypto enterprises must obtain government licences in order to conduct business in the country.
The Central Bank’s decision has also emphasised the volatile nature of cryptocurrency, exposing its administration to the risks of monetary policy and financial instability that are unavoidable. As part of crypto-related concerns, the bank also stressed the constant potential of falling into the trap of sponsoring criminal operations in lieu of complete anonymity.
“Even as these virtual assets and providers operate outside bank and financial system, their management involves risks for monetary policy and financial stability…The resolution also added that such a procedure also implies risks of being used to finance criminal activities, given excessive anonymity of users registered in such networks and transactions derived from their use.”, the Latin newspaper stated
According to the Official Gazette, at the end of last month, Cuba passed a resolution stating that the Central Bank intends to establish laws to formally recognise and control the usage of digital assets in the country. Cuba aspires to be the first country in North America to legalise and regulate the use of cryptocurrency. In addition, the country announced its intention to licence crypto service providers operating on the North American island.
According to CoinGape, this step was taken in response to former US President Donald Trump’s tough laws, which have made it difficult for Cubans to utilise the US dollar. As a result, the country has taken it into its own hands to integrate digital assets into everyday life, which can assist them in breaking down these financial obstacles.