The central bank of Cuba (BCC) issued a government bulletin that approved the commercial use of Bitcoin and other cryptocurrencies on the Caribbean Island.
The notice published in the Official Gazette noted that the country’s central bank will regulate them through a set of rules to prevent money laundering and other illegal activities. It would also determine how to authorize licenses to exchanges that offer related services in Cuba.
The news came as El Salvador prepared to officially launch Bitcoin as the legal tender of the country to encourage remittances from its citizens living abroad.
The crypto service providers were clarified as companies that offer financial services related to the exchange of fiat and cryptocurrencies, trading of different cryptocurrencies, custody, and management of cryptocurrencies, and others.
A detailed description was not disclosed. However, it would be required by the exchanges to register licenses in the future.
A local newspaper, Cuba Standard, revealed that the government’s view on cryptocurrencies is not positive, as raised in the notice that mentioned the high volatility of cryptocurrencies and the possible criminal use of it.
The bulletin mentioned that all the criminal risks and responsibilities of trading with cryptocurrency and cryptocurrency service providers would be borne by the citizens.