Breaking News
Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here
Investing Pro 0
Ad-Free Version. Upgrade your experience. Save up to 40% More details

Cuba’s Central Bank Legalizes Cryptocurrency Related Services

Cryptocurrency Apr 27, 2022 09:00AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
Cuba’s Central Bank Legalizes Cryptocurrency Related Services

  • The new legislation will take effect on May 16th and will allow cryptocurrency exchanges to freely trade crypto assets.
  • The only body authorized to grant operating licenses will be the Central Bank.
  • The country is taking steps to capture the cryptocurrency market in order to help it navigate its economic crisis.

After its approval from the Central Bank of Cuba, all services utilizing Bitcoin and other digital assets will be authorized to operate in the Caribbean island as of May 16th. However, they must first apply for an operating license from the issuing institute.

Activities using cryptocurrencies were legalized on Tuesday, April 26th, after a meeting held by the nation’s issuing body, which approved measures to regulate the granting of licenses to companies that trade in cryptocurrency.

In accordance with the provisions of ‘Official Gazette No. 43 Ordinary‘, the Central Bank will be in charge of approving applications for operating licenses with Bitcoin and other virtual assets for natural and legal persons.

"[To] establish the specific requirements for the authorization, operation, regulation, supervision, surveillance, corrective mechanisms and cancellation of licenses for virtual asset service providers that operate in and from the national territory," the document states. The resolution outlines that:

“The Central Bank of Cuba, when considering the license request, evaluates the legality, opportunity and socioeconomic interest of the initiative, the characteristics of the project, the responsibility of the applicants and their experience in the activity. The Central Bank of Cuba issues the license, after consulting the Cryptoactive Group.”

Likewise, it warns that local and foreign companies operating without a legal license will face the sanctions established in the banking and financial legislation put in force within the country. The regulations indicate that operational licenses will have a duration of one year and can be extended for an additional year “given the experimental and innovative nature of this type of activity.”

On the Flipside

  • The document clarifies that authorized operators will not be able to cease the offering of their services in the country without the prior authorization of the Central Bank of Cuba.
  • They will therefore be obliged to continue their operations regardless of the profitability of the business.

With this new step, Cuba continues to move rapidly towards adopting Bitcoin as legal tender. The government had already authorized the use of cryptocurrencies as a payment method as of September 15th of last year.

Why You Should Care

  • The country’s economy largely depends on remittances sent by Cubans residing in the United States, as well as from oil and other resources transferred by the Venezuelan government.
  • However, since November 20th, 2020, companies that provide remittance services, such as Western Union (NYSE:WU), have been forced to cease operations in the region due to the economic sanctions imposed on the U.S. government.
  • Through cryptocurrency exchanges, it will once again become possible to send remittances, now faster and at a lower cost.

Continue reading on DailyCoin

Cuba’s Central Bank Legalizes Cryptocurrency Related Services

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at’s discretion.

Write your thoughts here
Are you sure you want to delete this chart?
Post also to:
Replace the attached chart with a new chart ?
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Are you sure you want to delete this chart?
Replace the attached chart with a new chart ?
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
Sign up with Email