The Central Bank of Cuba has authorized ten companies to use cryptocurrency for cross-border payments, marking a first for the nation. This decision, published in the official gazette on March 23, allows nine small and medium-sized private enterprises and one joint venture to engage in international transactions using digital currencies. The authorization is valid for one year and can be renewed.
These companies, operating in sectors such as IT, software development, catering, transportation, and light industry, must conduct transactions through licensed virtual asset service providers and report quarterly to the Central Bank. This move is part of Cuba's ongoing digital transformation of its financial system, following the recognition of cryptocurrencies' legality in 2021.
Cuba Authorizes Cryptocurrency Use for Cross-Border Payments
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