Cuban Cryptocurrency Regulations Take Effect After Bitcoin Becomes Legal Tender in El Salvador

Resolution No. 215 of 2021 issued by the Central Bank of Cuba (BCC) recognizes cryptocurrencies such as Bitcoin as effective. Cryptocurrencies have now become a legal payment method for commercial transactions in Cuba. Cuba's official news agency Prensa Latina reported that cryptocurrency regulations will take effect next Wednesday.

With the recognition of cryptocurrencies by the BCC, Bitcoin and other cryptocurrencies can already be used for commercial transactions and investments in Cuba. As Cointelegraph previously reported, the Cuban central bank first announced its plan to recognize and regulate cryptocurrencies in late August. In fact, Resolution No. 215 of 2021 contains the terms of the licensing system for crypto exchanges and other virtual asset service providers operating in Cuba.

The use of cryptocurrencies has been legalized in Cuba, but the BCC has warned of the risks associated with them. The BCC said that although cryptocurrencies operate outside the country's banking system, the use of virtual currencies poses significant monetary policy risks and financial stability issues, and criminals may use cryptocurrencies anonymously to conduct illegal transactions.

By recognizing cryptocurrencies, Cubans could begin to enjoy easier overseas remittances despite the U.S. embargo, after global money transfer services such as Western Union largely left Cuba under growing pressure from Washington.

Amid U.S. sanctions and the economic fallout from the coronavirus pandemic, Cuba has followed El Salvador in accepting Bitcoin, the first country in the world to adopt it as legal tender.

Cuba has shown a keen interest in cryptocurrencies over the past few years, with virtual currencies offering financial freedom to its people.

The BCC’s recognition of cryptocurrencies could be an important step in the transformation of Cuba’s cryptocurrency industry into a formal sector of the island nation’s ailing economy.

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Cuban Cryptocurrency Regulations Take Effect After Bitcoin Becomes Legal Tender in El Salvador

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