Cuba is likely to be the next country to accept Bitcoin as a full-fledged means of payment. The government of the country has already published a resolution, according to which the Central Bank will establish rules regarding cryptocurrency and determine the methodology for licensing providers of relevant services.
Interestingly, the resolution says that the Central Bank can take such a step for reasons of socio-economic interest. However, one of the conditions is that the state must guarantee the controllability of the relevant financial transactions.
In more detail, the resolution describes several goals.
The purpose of the regulation is to establish the standards on the basis of which the Central Bank of Cuba regulates the use of certain virtual assets in commercial transactions, as well as the granting of licenses to virtual asset service providers for transactions related to financial transactions (exchange, collection or payment activities in the national territory and beyond ).
A virtual asset is a digital representation of value that can be sold or digitally transferred and used for payments or investments. This term includes various meanings used for the same purposes, such as digital asset, crypto asset, cryptocurrency, virtual currency, and digital currency.
The Central Bank of Cuba, for reasons of socio-economic interest, may authorize the use of certain virtual assets in commercial transactions and grant a license to virtual asset service providers for transactions related to financial, exchange and collection activities.
There are also a number of points that are not so important for understanding the essence. The resolution will enter into force on September 15th. Bitcoin is not directly indicated in the document, but third-party sources speak about it. And there are practically no other options for adoption at the state level.
We will remind, earlier El Salvador became the first country to accept bitcoin as a means of payment. Since then, several other countries have announced that they are considering doing the same.