HAVANA, Cuba—The Cuban central bank has issued regulations for virtual asset service providers, after giving a nod last year to the personal use of cryptocurrencies.
Cryptocurrencies, which allow financial operations to be carried out anonymously in a decentralized manner, have been used in the past to get around capital controls, as well as to make payments and transfers more efficient, Reuters noted.
The bank authorization, published in the government's official gazette, requires those wishing to use cryptocurrencies to obtain a license.
Mobile Bank Fuels Popularity
The bank said it would consider the legality, socioeconomic interest and project characteristics of any request before granting a license, which would be valid initially for one year.
“The roll-out of mobile Internet three years ago has opened the way for cryptocurrency transactions in Cuba, and enthusiasts on the island are growing in number as the currencies help overcome obstacles created by U.S. sanctions,” Reuters said.