The Central Bank of Cuba regulates the use of cryptocurrencies in the national territory ›Cuba› Granma

The rules for the use of cryptocurrencies in Cuban territory have been dictated by the Central Bank of Cuba (BCC), according to a Resolution of said entity that, signed by its Minister-President, Marta Sabina González, was published this Thursday, 26 of August in the Official Gazette, and will enter into force within 20 days.

Establish the standards based on which the BCC «regulates the use of certain virtual assets in commercial transactions, as well as the granting of licenses to virtual asset service providers for operations related to financial, exchange and collection or payment activity. , in and from the national territory ”, is among the objectives of the text.

Similarly, it defines a virtual asset as “the digital representation of value that can be traded or transferred digitally and used for payments or investments.” This term includes various meanings used for the same purposes, such as, digital asset, crypto asset, cryptocurrency, cryptocurrency, virtual currency and digital currency. Among the most popular on the Island are Bitcoin, Ethereum Litecoin and USDT.

The document understands virtual asset service provider “any natural or legal person who as a business or in business activities engages in the exchange between virtual assets and legal tender currencies; to the exchange between one or more forms of virtual assets; the transfer of virtual assets; the custody or administration of virtual assets or instruments that allow control over virtual assets; and the participation and provision of financial services related to the offer of an issuer or sale of a virtual asset ”.

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For reasons of socio-economic interest, the BCC may authorize “the use of certain virtual assets in commercial transactions, and grant a license to virtual asset service providers for operations related to financial, exchange and collection or payment activities, in and from the National territory”.

In its Resolution 215 of 2021, the Central Bank of Cuba specifies that when so authorized “financial institutions and other legal entities can only use virtual assets among themselves and with natural persons, to carry out monetary-commercial operations, and exchange and redemption; as well as to satisfy pecuniary obligations ».

Similarly, it states that, except in cases authorized by the BCC, “the organs or agencies of the Central State Administration, the political, mass and social organizations and other institutions, control and supervise that their subordinate entities and the associative forms of those that are relationship bodies, refrain from using virtual assets and their services, in commercial transactions, commercial money or to satisfy pecuniary obligations ”.

These cryptocurrencies or crypto assets whose emergence took place in 2009, are a kind of digital money, without physical existence and that do not have support either in gold or in banking institutions of the countries, that is, they cannot as a whole be controlled by any country or issuing bank. Due to the insecurity and the risks that lead to scams with such assets that move in wallets through cyberspace, the BCC disengaged from any criminal action with them.

In this sense, the aforementioned Resolution clarifies that “natural persons assume the risks and responsibilities that in the civil and criminal order derive from operating with virtual assets and virtual asset service providers that operate outside the Banking and Financial System, even when transactions with virtual assets between such persons are not prohibited. ‘

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