Cuba To Accept Cryptocurrencies For Payments

Come September 15 2021, Cuba will recognize and regulate cryptocurrencies, such as bitcoin, for payments on the island.

Resolution 215, which was published in the state-run Official Gazette, said the central bank will set new rules for how to deal with digital currencies and determine how to license providers of related services within the country.

Once authorized, financial institutions and others will be able to use crypto to carry out monetary and commercial operations, and to satisfy financial obligations, the resolution said.

According to Dr. Mrinalini Tankha, a professor of anthropology at Portland State University, sending and receiving money between the U.S. and Cuba became extremely difficult under the Trump administration.

The resolution says the Central Bank can authorise the use of cryptocurrencies “for reasons of socioeconomic interest” but with the state assuring that their operations are controlled. It also explicitly noted that operations could not involve illegal activities.