Cuba’s Crypto Regulations Are Now in Force

Reading Time: < 1 minute

The resolution 215 of 2021 issued by the Banco Central de Cuba (BCC), the law recognizing cryptocurrencies in the country, is now in force.

Local publication Prensa Latina has reported that the regulation entered into force last Wednesday.

Now, Bitcoin as well as other cryptocurrencies can be used in commercial transactions and investments in the island.

The country shared its plans to implement a crypto regulation in August.

In particular, the resolution 215 of 2021 includes several provisions for a licensing regime for cryptocurrency exchanges as well as other virtual asset service providers that offer their services in the country.

However, the central bank of the country has also warned of the risks associated with these type of assets. Notably, the regulator says that while crypto operates outside of the nation’s banking system, the use of virtual currencies poses significant monetary policy risks and financial stability concerns.