The Central Bank of Cuba has finally taken a stance on cryptocurrencies, and it’s not good news for those who are interested in using them as payment systems. Banco Central de Cuba (BCC) officially regulates currency usage across the island according to their latest resolution – meaning you can’t use Bitcoin or other digital coins outside of specific limits set out by law now!
The new ruling will grant a legal framework for licensing digital assets service providers that deal with transactions in and from Cuba, according to Prensa Latina.
Citing the BCC, Prensa Latina noted, “To this end, the resolution sets down as a virtual asset the digital value representation that can be traded or transferred digitally and used for payments or investments.”
Cryptocurrencies may be the future, but they’re not yet mainstream. The central bank issued a warning to anyone who uses crypto-related transactions. The risks are great and may disrupt the financial system, they say – but there’s still plenty of opportunity in this new digital world!
The BCCH also noted that the decentralized nature of virtual currencies is a key factor in fostering high volatility for crypto prices.
Adding to the statement, the outlet mentioned, “The resolution also added that such a procedure implies risks of being used to finance criminal activities, given excessive anonymity of users registered in such networks and transactions derived from their use.”
Possible Crypto Adoption?
Cryptocurrencies are becoming more widely accepted and used in Cuba. This August, it was reported that the Cuban central bank intended to define a set of rules for cryptocurrencies that would recognize their worthiness as an industry while regulating them within the island’s borders – this could mean increased economic stability or even greater advancements when it comes down cryptocurrency technology!
The Cuban government is looking forward to establishing guidelines for granting licenses that will allow the licensing of crypto-related providers.
Cuba’s President, Miguel Díaz-Canel has thrown some serious shade at cryptocurrencies by expressing his interest in them.
Interest in sending money to friends or family abroad has been growing. This is due, in part, because of the lack of options available for doing so through traditional means such as banks and credit cards – which can lead people who want a quicker method with lower fees to turn towards cryptocurrencies instead!
One country that seems excited by this trend? Cuba: last year we noted how startups there were using Bitcoin (BTC), Ethereum(ETH) & other Cryptocoins according to Deutsche Welle.
One of the most important aspects of preserving Cuban heritage is sending money to family members from outside Cuba. Family bonds are what keep people together, and this process helps them remain united even when one member lives abroad
A lot many Cubans work in other countries but still want their loved ones back home with them economically – so every month or two months they send out reserve funds that help sustain towns on both sides financially because nobody has any major expenditure without knowing about it firsthand.