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Cuba´s BCC issues cryptocurrency-related resolution

Cuba´s BCC issues cryptocurrency-related resolution

Havana, Sep 16 (Prensa Latina) Resolution 215 of 2021 issued by Cuba´s Central Bank (BCC), which regulates the use of certain virtual assets or cryptocurrencies in commercial transactions, is in force as of Wednesday in Cuba.
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The resolution also provides for the licensing of virtual asset service providers for financial-related operations in/from Cuba.

To this end, the resolution sets down as a virtual asset the digital value representation that can be traded or transferred digitally and used for payments or investments.

As explained by the BCC, the use of cryptocurrency advised to expose the bank´s position in this regard.

It also said that, even as these virtual assets and providers operate outside bank and financial system, their management involves risks for monetary policy and financial stability. This is due to the their high volatility it is carried out in data networks in cyberspace, generally decentralized, without emission control, regulation, official supervision, sanctioning regime, or support from monetary authorities.

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.

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