According to the official Cuban news agency Prensa Latina, the Central Bank of Cuba issued Cryptocurrency Resolution No. 215 on September 16, regulating virtual currencies as a transaction method.

Is Cuba the following country for a legal crypto offering?

Is Cuba the following country eligible for a crypto oversight bid?

Is Cuba the following country eligible for a crypto oversight bid?

Central Bank Resolution No. 215 states that virtual currencies are a legal method of transaction in Cuba. In addition, the bank’s crypto active solution was also introduced with a requirement that crypto companies need a state license to operate in the country.

The bank has also highlighted the volatility of cryptocurrencies, making its management vulnerable to the inevitable risks of monetary policy and financial instability. Additionally, the agency highlighted the lingering danger of falling into the trap of funding criminal activity rather than absolute anonymity as part of the risks associated with cryptocurrencies.

“Even if these virtual assets and providers operate outside of the banking and financial system, managing them still poses monetary policy and financial stability risks … The resolution also added that such a practice also carries the risk of criminal funding activity due to the excessive anonymity of users. Are registered in such networks and the transactions resulting from their use. “the Latin newspaper declared as it considered liquidation.

Late last month, Cuba saw a resolution stating the central bank was planning to establish rules to officially recognize and regulate the use of digital assets in the country. According to the Official Journal. Cuba’s goal is to become the first country in North America to use a regulated cryptocurrency in the country. In addition, the government has announced plans to license crypto service providers to operate on the North American island.

The move is intended to replace former US President Donald Trump’s enforcement of strict rules that made it difficult for Cubans to use the dollar. Because of this, the country has made it a mission to incorporate digital assets into daily use, which can help them break down these financial barriers.

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