Cuba Central Bank Approves Cryptocurrency Use for International Payments

Cuba's Central Bank (BCC) has granted approval to ten companies, including nine small and medium-sized enterprises and one joint venture, to use cryptocurrency for international payments. According to Foresight News, the license is valid for one year and can be renewed. The companies are permitted to use crypto assets solely for cross-border payments related to their main business operations. Transactions must be conducted through virtual asset service providers (VASPs) authorized by the Cuban Central Bank, and companies are required to report transaction amounts, currencies used, and intermediary service provider information to regulatory authorities on a quarterly basis. Since 2021, the Cuban Central Bank has been regulating virtual assets. In April 2022, the use of Bitcoin and other cryptocurrency platforms was allowed, but always under official authorization. This marks the first time Cuban companies have received direct licenses to operate international payment businesses using cryptocurrencies.