The banking authorization, published in the Official Gazette of Cuba, requires that those wishing to use the coins obtain a license, which will be granted for one year, and may be extended for another “given the experimental and novel nature of this type of activity”.
In a resolution, the Central Bank of Cuba said it would consider the legality, socioeconomic interest and project characteristics of any request before granting a license.
The launch of mobile internet three years ago paved the way for cryptocurrency transactions in Cuba, and enthusiasts on the island are growing in number as the currency helps overcome obstacles created by US sanctions applied to the island. caribbean
The decades-old US trade embargo excludes Cubans from international payment systems and financial markets. Cubans cannot obtain credit or debit cards for international use on the island and have complications to do so abroad.
“If the Central Bank is creating a favorable legal framework for cryptocurrencies, it is because they have already decided that it can bring benefits to the country”said Pavel Vidalformer economist of the Central Bank of Cuba who teaches at the Pontificia Universidad Javeriana Cali, in Colombia.
Source: Ambito
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