La resolution 215 of 2021 issued by Banco Central de Cuba (BCC), or the highest monetary authority of the Caribbean country, is finally entry into force. By doing cryptocurrency, naturally starting from Bitcoin, an absolutely legal means of payment.
To announce it was Prensa Latina, the state news agency, according to which the new legislation officially entered into force on Wednesday. Thanks to the resolution, the digital assets recognized by the Cuban central bank can be used not only for commercial transactions, but also for the purpose of making investments on site.
The BCC's warning about cryptocurrencies
Resolution 215 in practice implements the a proposal made official by the central bank at the end of August. By making the provisions relating to the granting of licenses for exchange of cryptocurrencies and other virtual asset service providers who intend to operate within the territory of Cuba.
The BCC also wanted to better explain what was decided on that occasion. In particular, stating that continuing to keep virtual money outside the national banking system amplifies the problems associated with its use, in terms of monetary policy and financial stability.
At the same time, the BCC wanted to renew an appeal for those wishing to take advantage of this opportunity. Remembering that if cryptocurrencies are now legal, they are still high-risk assets. Especially in consideration of the fact that subjects able not only to illicitly use cryptocurrencies, but also to exploit their potential in terms of anonymity, continue to operate.
Cryptocurrencies as a tool against the US embargo?
There are not a few observers who in these hours link resolution 215 to the embargo put in place by the United States. The Bloqueo in place for more than half a century is in fact strangling the island's economy. Not even Joe Biden's arrival at the White House has changed the American giant's attitude, despite repeated appeals, including internal ones, to change the address.
Appeals also due to the particular moment imposed by the Covid pandemic. In Cuba, in fact, it is still difficult to find syringes to be able to carry out the vaccination campaign for the entire population more quickly. A fact which should make us reflect on the appropriateness of the continuation of the sanctions.
Waiting for something to change in this sense, the government has therefore decided to move towards digital assets. Which could prove crucial not only to remedy the abandonment of the island by Western Union and other international payment companies, but also to allow citizens increased financial autonomy.
El Salvador: September 7 was “Bitcoin Day”, but protests are increasing
While Cuba is adding cryptocurrencies to the basket of options available for payments, another country in the area stands out for its policies in this regard. It is about El Salvador, where, however, the approach of the government authorities was very different. In fact, President Bukele has practically made it mandatory to accept Bitcoin as a form of payment in transactions.
An obligation which is giving impetus to sensational protests by a growing number of citizens. With controversial episodes, such as the destruction of a TMJ of Bitcoin, which signal the absolute opposition of the country to the Bitcoin Law. An opposition, moreover, witnessed by the polls.
The nonsense represented by the fact that a dictatorship, Cuba, does not impose anything, unlike what is decided by a democracy, as the Salvadoran one is considered.