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The Central Bank of Cuba has authorized ten companies to utilize cryptocurrencies for international transactions. These organizations are involved in sectors such as technology, food service, and transportation.
Included among them are the IT firm Ingenius Tecnologías, the software developer Dofleini, food service companies La Calesa Real and El Asadito, the transportation company La Meknica, as well as Pasarela Digital SURL, Ara, DASQOM SURL, Cema Soltec, and the joint venture Productos Sanitarios S.A. Prosa.
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The permissions have been granted under an experimental framework for a duration of one year. The companies will be able to execute cross-border payments using cryptocurrencies under the oversight of the regulator. They are required to submit reports every three months detailing their conducted operations, transaction volumes, and the assets utilized.
The central bank anticipates that this initiative will facilitate transactions with foreign partners and reduce costs associated with international transfers. However, the use of cryptocurrencies for payments within the country remains prohibited.
Cuba is facing challenges in accessing the international financial system due to U.S. sanctions and restrictions on energy resource supplies. In this context, authorities view cryptocurrencies as one of the tools to support foreign economic activity.
In 2021, the country’s government included digital assets in its economic stimulus program to mitigate the adverse effects of American sanctions on the nation’s financial system.
