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Bankarization: a major step in Cuba’s digital transformation

Havana, Jun 20 (Prensa Latina) The process of bankarization, launched in Cuba a year ago, is a major step on the path of the country’s digital transformation, President Miguel Díaz-Canel stated on Thursday.

The statement was made in a new broadcast from the Presidency, which included the participation of Central Bank of Cuba President Juana Lilia Delgado and Vice President Alberto Quiñones to address the strategic importance of bankarization for the Cuban economy and people’s well-being.

The head of State explained that bankarization helps reshape a whole group of elements that make up the macroeconomic stabilization program, and is also related to controls on the levels of cash in circulation.

This process also affects deformations and distortions in the Cuban economy, associated with the non-completion of actions to have payment gateways in electronic businesses and tax evasion by economic actors, he noted.

Díaz-Canel acknowledged that the implementation of the bankarization in 2023 was carried out at complex times because low levels of cash began to appear at the disposal of citizens.

“It was a time when there were pending salary payments and it was considered necessary to begin the bankarization process more quickly,” he said.

With the transparency that bankingization is achieved, the president stressed, “we will be defending at the local level, at the territorial level, one of the sources of income or the tax route for the budgets with which economic and social growth and development of each of territory are defended.”

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