{"id":340133,"date":"2021-09-16T18:14:56","date_gmt":"2021-09-16T15:14:56","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/cubas-cryptocurrency-regulations-take-effect\/"},"modified":"2021-09-16T18:14:56","modified_gmt":"2021-09-16T15:14:56","slug":"cubas-cryptocurrency-regulations-take-effect","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/cubas-cryptocurrency-regulations-take-effect\/","title":{"rendered":"# Cuba’s cryptocurrency regulations take effect"},"content":{"rendered":"

“# Cuba’s cryptocurrency regulations take effect <\/strong>”
\n<\/p>\n

Resolution 215 of 2021 issued by the Banco Central de Cuba (BCC) \u2014 the country\u2019s central bank \u2014 recognizing cryptocurrencies like Bitcoin (BTC) is now in effect.<\/p>\n

According to Cuba\u2019s official state news<\/a> agency Prensa Latina, the order became official<\/a> on Wednesday.<\/p>\n

With crypto now legally recognized by the BCC, Bitcoin and other cryptocurrencies can now be used for commercial transactions and investments in Cuba.<\/p>\n

As previously reported by Cointelegraph, the central bank first announced plans to recognize and regulate crypto back in late August.<\/p>\n

Indeed, Resolution 215 of 2021 contains provisions for a licensing regime for crypto exchanges and other virtual asset service providers operating in Cuba.<\/p>\n

Despite legalizing the use of crypto assets in Cuba, the BCC has warned of the risks associated with cryptocurrencies.<\/p>\n

According to the BCC, while crypto operates outside of the nation\u2019s banking system, the use of virtual currencies poses significant monetary policy risks and financial stability concerns.<\/p>\n

Cuba\u2019s central bank also warned of the potential for bad actors to take advantage of the perceived anonymous nature of crypto transactions for illicit transactions.<\/p>\n

Related: <\/em><\/strong>Sept. 7 is \u2018Bitcoin Day\u2019 in El Salvador as BTC becomes legal tender<\/em><\/strong><\/p>\n

By recognizing crypto, Cubans may begin to enjoy easier remittance flows from overseas despite the United States embargo on the communist government. Global money transfer services like Western Union have largely exited the country under increasing pressure from Washington.<\/p>\n

Indeed, the country is towing a similar line to El Salvador in embracing Bitcoin amid crippling U.S. sanctions and the economic impact of the COVID-19 pandemic. El Salvador recently became the first country to adopt Bitcoin as legal tender.<\/p>\n

Crypto interest in Cuba has been high over the last few years with virtual currencies associated with the possibility of financial freedom for many in the country. <\/p>\n

The BCC recognizing crypto could be a major step in transforming Cuba\u2019s cryptocurrency industry as a formal sector of the island nation\u2019s struggling economy.<\/p>\n