The government of Cuba has issued a formal statement regarding how the island nation intends to regulate cryptocurrencies.
In a new document issued by Gaceta Oficial, the state-run publication says that the new resolution aims to establish rules on how the Central Bank of Cuba could regulate the use of cryptocurrencies while providing a clear definition for the term “virtual asset.”
“This Resolution aims to establish the rules from which the Central Bank of Cuba regulates the use of certain virtual assets in commercial transactions, as well as the granting of licenses to providers of virtual assets services for operations related to financial, exchange and collection activities, or of payments, in and from the national territory…
A virtual asset is understood to be the digital representation of value that can be traded or transferred digitally and used for payments or investments. This term includes various meanings used for the same purposes, such as digital asset, crypto asset, cryptocurrency.”
According to the document, the Central Bank of Cuba may authorize the buying and selling of virtual assets for the benefit of the country’s society and economy.
“The Central Bank of Cuba, for reasons of socio-economic interest, may authorize the use of certain virtual assets in commercial transactions, and grant license to virtual asset service providers for operations related to the financial, exchange and collection or payment activity.”
Cuban President Miguel DÃaz-Canel previously stated that he was evaluating “the convenience of using cryptocurrencies in the national economy.”
Other Latin American countries have also shown interest in the crypto space.
El Salvador made history in June by becoming the first country in the world to officially adopt Bitcoin as legal tender.
Members from the Congress of Paraguay have made public statements in favor of crypto adoption, and prominent voices inside Mexico and Panama have also publicly supported cryptocurrencies.
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