Cuba’s crypto payment law take effect

Now crypto can be used for payment purposes in Cuba, especially for businesses amid central bank warnings because of crypto use.

As we know, in the end of August, Cuba announced their crypto law and claimed that they will impose this rule soon. The new rule will allow businesses to use crypto in payment methods. Now that rule is in effect. 

According to reports, the crypto law  215 of 2021 has been in effect since 15 September. This resolution 215 of 2021 is issued by the Banco Central de Cuba (BCC),  the country’s central bank.

As per rule, issued by the BCC, crypto assets can be used for business payment purposes and also can be traded easily. That means full legalization of crypto under a regulatory framework. 

Here it is worth to notice, BCC issued this law but BCC also warned about the associated possible risks because of this law. 

According to BCC, at one side people & businesses  will use crypto for fair use e.g cross border payment to save huge amounts of fees of remittances. But there are many bad actors who can use crypto for illegal purposes like Money Laundering, violation of the Monetary Policy of the country and also financial instability issues.

Resolution 215 of 2021 Cuba, will also give full approval and license for the crypto companies like crypto exchange to operate their operations under regulatory framework. 

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