Resolution 215 of 2022 issued by the Banco Central de Cuba (BCC) — the land's central bank — recognizing cryptocurrencies like Bitcoin (BTC) is at present in event.

Co-ordinate to Republic of cuba'southward official state news agency Prensa Latina, the gild became official on Wednesday.

With crypto legally recognized by the BCC, Bitcoin and other cryptocurrencies can at present be used for commercial transactions and investments in Cuba.

Every bit previously reported by Cointelegraph, the key bank first announced plans to recognize and regulate crypto back in belatedly August.

Indeed, Resolution 215 of 2022 contains provisions for a licensing regime for crypto exchanges and other virtual asset service providers operating in Cuba.

Despite legalizing the apply of crypto assets in Republic of cuba, the BCC has warned of the risks associated with cryptocurrencies.

Co-ordinate to the BCC, while crypto operates exterior of the nation'southward banking organization, the use of virtual currencies poses significant monetary policy risks and fiscal stability concerns.

Cuba'due south central bank also warned of the potential for bad actors to take advantage of the perceived anonymous nature of crypto transactions for illicit transactions.

Related: Sept. 7 is 'Bitcoin Day' in El Salvador as BTC becomes legal tender

By recognizing crypto, Cubans may begin to enjoy easier remittance flows from overseas despite the United States embargo. Global money transfer services similar Western Union have largely exited the country under increasing pressure from Washington.

Indeed, the state is towing a similar line to El salvador in embracing Bitcoin among crippling U.S. sanctions and the economic impact of the COVID-19 pandemic. Republic of el salvador recently became the outset country to adopt Bitcoin equally legal tender.

Crypto interest in Cuba has been high over the last few years with virtual currencies associated with the possibility of financial liberty for many in the country.

The recognition of crypto by the BCC could be a major stride in transforming Cuba'due south cryptocurrency manufacture equally a formal sector of the island nation's struggling economy.