The Central Bank of Cuba may permit the use of cryptocurrencies in commercial transactions and license providers of virtual asset services. In its rationale, the regulator cited \u201csocio-economic interests\u201d.<\/p>\n
According to the resolution published on August 26, \u0440\u0435\u0437\u043e\u043b\u044e\u0446\u0438\u0438<\/a>, a virtual asset is understood as \u201ca digital representation of value that can be sold or transferred digitally and used for payments or investments\u201d.<\/p>\n \u201cFinancial institutions and other legal entities may use virtual assets only among themselves and with individuals for conducting monetary and trading operations, exchanges, and for fulfilling obligations,\u201d the document states.<\/p>\n<\/blockquote>\n The central bank emphasised that participants in such transactions assume all risks. The above-mentioned operations are possible with the regulator’s approval and subject to authorities’ oversight.<\/p>\n \u201cGovernment agencies must refrain from using virtual assets in transactions, except in cases authorised by the Central Bank of Cuba,\u201d the document states.<\/p>\n<\/blockquote>\n Earlier, the authorities of El Salvador recognised Bitcoin as legal tender<\/a> on a par with the dollar. By September 7, there will install 200 ATMs<\/a> with the option to convert the digital asset.<\/p>\n The initiative did not resonate with local remittance services \u2014 only some have integrated<\/a> Bitcoin support. According to surveys, only 16% of the country\u2019s residents agreed<\/a> to receive salaries in digital gold.<\/p>\n\n
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