Cuba’s central bank (BCC) has issued international payment licences for the first time to 10 domestic companies to use cryptocurrencies.
Those approved are nine small and medium-sized enterprises and one joint venture. The licences were published in the official gazette on March 23, are valid for 1 year and can be renewed.
The companies can use cryptocurrencies only for cross-border payments related to their main business. They must transact through virtual asset service providers (VASPs) authorised by the central bank and report transaction amounts, currencies used and intermediary service provider information to regulators on a quarterly basis.
This marks the first time Cuba has issued operational licences allowing domestic companies to use cryptocurrencies directly for cross-border payments.
Chi-gyu Hwang
delight@d-today.co.kr