Central Bank of Cuba Regulates Use of Virtual Assets for Commercial Transactions
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The Central Bank of Cuba (BCC) has just published a new resolution regulating both the use of digital assets in commercial transactions and the licensing process for companies offering crypto-related services.

According to the document, which has been published on an official government website, the country's central bank states it has the power to authorize the use of certain virtual assets in commercial transactions as well as to license virtual asset service providers for operations related to financial, exchange and charging or payment activities.

In particular, the institution says that with its authorization:

"Financial institutions and other legal entities may only use virtual assets among themselves and with natural persons to carry out monetary and mercantile operations, and exchange and swap transactions, as well as to satisfy pecuniary obligations."

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In addition, the BCC has also provided a definition of a virtual asset, saying that a virtual asset is "the digital representation of value that can be traded or transferred digitally and used for payments or investments."

Also, according to the institution, public administration agencies should not use virtual assets in transactions with the sole exception of cases authorized by the Central Bank of Cuba.

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