Finally, Cuba is moving toward a crypto adoption initiative but with small steps to remain secure against negative impacts.
At present, Cuba has no precise provisions for the crypto industry but still has some formal regulations to keep the citizens away from risk associated with the crypto industry. No one exchange in Cuba provides crypto-buy services through direct use of fiat currency, which is a big bump in the adoption road. The majority of the crypto traders remain dependent on P2P methods like LocalBitcoins.
On 26 April, Reports noted that The Central Bank of Cuba (BCC) is ready to issue a crypto license to the virtual assets related services provider. This license will be available for individuals and also for organizations, whether they will be local or foreign.
This virtual asset license will remain valid for only one year and further validity extension for next year will depend upon the outcomes, it is just like ” given the experimental and novel nature of this type of activity“.
So all the virtual assets service providers will remain under the control and license of BCC. And also companies will be allowed to operate virtual assets under the regulatory boundary of BCC.
BCC clarified:
“(virtual assets) do not include digital representations of fiat currency, securities and other financial assets widely used in traditional banking and financial systems, which are regulated in other provisions of the Central Bank of Cuba.”
Earlier, in August 2021, BCC prosposed its resolution to bring a framework for the businesses to use cryptocurrency-backed funds transactions at commercial levels and also to introduce licenses for the crypto-backed payment services providers.
Now the crypto-backed fund transaction service providers are required to collect licenses from the Bank.
“service providers of virtual assets for transactions related to financial, exchange and collection or payment activities, in and from the national territory.”
At that time, BCC suggested companies and businesses remain away from such types of cryptocurrency-related payment systems, except in cases it authorizes.
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