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Firms Offering Cryptocurrency Services in Cuba Can Now Get License

Firms Offering Cryptocurrency Services in Cuba Can Now Get License

Companies that provide consumers with cryptocurrency services in Cuba can obtain a license to use virtual currencies like Bitcoin. The Central Bank of Cuba officially proclaimed this measure last Tuesday, April 26.

 

We are glad to know via this latest news that service providers offering cryptocurrency services in Cuba can already utilize crypto-assets like Ether and Bitcoin. We think our readers will also find this report interesting and worthy to learn today.

 

According to the news posted online by international news source Reuters, the Central Bank of Cuba issued its new regulations this week for firms offering cryptocurrency services in Cuba.

 

Last year, this government institution gave the nod to the personal utilization of virtual currencies.

 

The Central Bank of Cuba’s authorization published on Tuesday in the Cuban Government’s official gazette requires companies offering cryptocurrency services in Cuba that intend to employ virtual currencies to get a license.

 

The permit will be valid initially for one year. The Central Bank of Cuba relayed that it would consider the project characteristics, socio-economic interest, and legality of any request before granting firms a license to use cryptocurrencies in their operations.

 

Pavel Vidal is a professor at Colombia’s Pontificia Universidad Javeriana Cali. He pointed out that he thinks the Central Bank of Cuba had already decided that a cryptocurrency-friendly legal framework could bring benefits to the country if it created one.

 

The former Cuban central bank economist also remarked that he believes the Cuban Government was thinking of facilitating the entry of international foreign trade operations and remittances.

 

Vidal added that granting licenses to companies offering cryptocurrency services can reduce these international transaction costs and generate an alternative to operations in US dollars that is less sensitive to the sanctions program of the US Government.

 

We are delighted to know that companies offering consumers cryptocurrency services in Cuba can already get a license from the Central Bank of Cuba to be able to utilize virtual currencies in their operations.

 

We think this decision of Cuba’s central bank can help modernize the country’s financial system. After all, we gathered that the decades-old US Government trade embargo has cut Cubans off from the financial markets and conventional international payment systems.

 

Hence, Cuban people have been unable to apply for credit or debit cards for international use on the island. We also learned that they struggle to do so overseas.

 

With virtual asset service providers delivering cryptocurrency services in Cuba now allowed to use crypto-assets in their operations via a license, we think the Cuban people’s lives will improve.

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