The Central Bank makes the license compulsory
According to document Released on Tuesday, the country’s monetary authority issued a resolution making it mandatory for virtual asset-related service providers to obtain a license from the BCC. The Official Journal, translated into English, reads as follows:
“The Central Bank of Cuba, when examining the license application, assesses the legality, expediency and socio-economic interest of the initiative, the characteristics of the project, the responsibility of the applicants and their experience in the activity.”
The document notifies that this decision will come into force 20 days after its publication, i.e. on May 16. country’s existing banking and financial standards. The bank also decided to extend the licenses for a second year, given the “experimental and new nature of this type of activity”.
Cuba embraces digital assets
Last year, Cuba saw Bitcoin become a legal form of payment when the BCC issued a ruling in September.
By regulating digital assets in the country, citizens could send and receive payments freely around the world and enjoy more accessible remittance services. While several international money transfer companies have left the country due to heavy pressure from the United States, the recent move could boost local tech development in the country.
Indeed, in the face of mounting US sanctions and the economic impact of the pandemic, the government is embracing cryptocurrencies. Interest has grown exponentially as virtual currencies are now associated with the potential for financial independence for many Cubans.