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The Central Bank of Cuba has granted permission to 10 companies to use cryptocurrencies for cross-border payments. Participants include IT companies, software developers, and businesses in the food service and transportation sectors.
The experiment will last one year under strict regulatory oversight:
โ reporting every three months
โ disclosure of transaction volumes
โ indication of the crypto assets used
Why is this necessary?
Cuba hopes to simplify payments to foreign partners and reduce transfer costs.
โ Important:
Cryptocurrencies are still prohibited within the country; this applies only to international transactions.
If the experiment is successful, it could send a signal to other countries with limited access to the global financial system.
The experiment will last one year under strict regulatory oversight:
โ reporting every three months
โ disclosure of transaction volumes
โ indication of the crypto assets used
Why is this necessary?Cuba hopes to simplify payments to foreign partners and reduce transfer costs.
โ Important:
Cryptocurrencies are still prohibited within the country; this applies only to international transactions.
If the experiment is successful, it could send a signal to other countries with limited access to the global financial system.
