Cuba currently faces significant socioeconomic challenges, including inflation that requires handling larger sums of money to purchase the same goods, rising foreign currency costs for producing and transporting cash, and an electrical power system situation that affects the stability of digital channels.

  Given this context, promoting digital payments in the nation is an urgent logistical and financial necessity, according to BCC specialists.

  At a press conference, BCC Minister-President Juana Lidia Delgado Portal announced that a resolution regarding digital payments among various economic actors has been published in the Official Gazette and will take effect on the island next week.

  In this regard, the BCC has suspended the application of Articles 4 and 5 of Resolution 111—”Banking regulations on limits for cash collections and payments in national currency, as well as their deposit, withdrawal, and holding,” issued in August 2023—until country conditions allow otherwise and with the aim of using available cash more efficiently.

  That legislation, which at the time addressed a correct assessment of the excessive growth of cash in circulation and the need to regulate collections and payments, had established a maximum limit of 5,000 Cuban pesos for cash transactions arising from contractual relationships between the parties subject to the rule.

  Another announced measure involves raising the monthly threshold or limit for banking transactions per client from 120,000 pesos to 2.5 million pesos, with the goal of fostering confidence in the use of digital payment channels.

  Efforts are also underway to establish agreements with the country’s wholesale economic actors regarding cash access, in order to encourage the acceptance of digital payments.

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