Share this article
Cuba Regulates the Use of Virtual Assets for Commercial Transactions
In a resolution, the country’s central bank also stipulated rules for granting licenses to institutions handling cryptocurrencies.
Updated May 11, 2023, 3:43 p.m. Published Aug 27, 2021, 3:53 a.m.
The Central Bank of Cuba issued a resolution establishing rules to regulate the use of virtual assets in commercial transactions and licensing of service providers in that sector.
In the resolution published Thursday, the central bank, which is known as the BCC, said it may authorize, for reasons of socioeconomic interest, the use of certain virtual assets in commercial transactions and license virtual asset service providers to allow them to conduct certain financial activities, such as collecting payments.
STORY CONTINUES BELOW
“Financial institutions and other legal entities may only use virtual assets among themselves and with natural persons to carry out monetary and mercantile operations, and exchange and swap transactions, as well as to satisfy pecuniary obligations,” the bank said.
The central bank detailed that a virtual asset is understood as “the digital representation of value that can be traded or transferred digitally and used for payments or investments.”
The BCC also clarified that “persons assume the civil and criminal risks and liabilities derived from operating with virtual assets and service providers that operate outside the banking and financial system, even though transactions with virtual assets between these persons are not prohibited.”
On the other hand, the resolution stipulated that government agencies must refrain from using virtual assets in transactions, except in cases authorized by the Central Bank of Cuba.
According to the BCC, even when such virtual assets and the providers of such services operate outside of the banking and financial system, their management implies risks for monetary policy and financial stability because of the volatility that characterizes digital currencies and their use in data networks in cyberspace.
The BCC also said that cryptocurrencies carry the risks of being used to finance criminal activities because of their anonymous nature.
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Do Kwon Judge Demands Answers Before Sentencing Over ‘Assurance’ He’ll Serve Time
Judge asked whether Kwon might be freed abroad and asked for details on victims, time-served credit and unresolved charges ahead of sentencing.
What to know:
- A U.S. district judge has posed six questions regarding the sentencing of Terraform Labs founder Do Kwon, who is accused of defrauding investors.
- Judge Paul A. Engelmayer is seeking clarity on issues such as Kwon's potential extradition to South Korea and victim compensation before the sentencing hearing on Thursday.
- Terraform's collapse, which once had a market value exceeding $50 billion, was a significant event in the 2022 crypto market downturn.
Top Stories
