The Central Bank of Cuba approves 10 enterprises to use cryptocurrency for international payments

Foresight News reported, according to Cuban media outlet Cubadebate, that the Central Bank of Cuba (BCC) has, for the first time, approved 10 companies (including 9 small and medium-sized enterprises and 1 joint venture) to use cryptocurrency for international payments. The licenses are valid for 1 year and can be renewed. The companies may only use crypto assets for cross-border payments related to their main business and must operate through Virtual Asset Service Providers (VASP) licensed by the Central Bank of Cuba. Additionally, they are required to report transaction amounts, used currencies, and intermediary service provider information to regulators on a quarterly basis.

Since 2021, the Central Bank of Cuba has regulated virtual assets. In April 2022, the use of Bitcoin and other cryptocurrency platforms was permitted, but always required official authorization. This is the first time Cuban companies have received licenses to directly conduct international payment business.