Cuba authorises and seeks to regulate cryptocurrency use

Cuba said this week it would authorise and regulate the use of cryptocurrency, a move that could help the Communist-run country skirt U. sanctions that have complicated transactions through the international banking system. Cryptocurrencies, which allow financial operations to be carried out anonymously in a decentralized manner, have been used in the past to get around capital controls, as well as to make payments and transfers more efficient.

Cuba's central bank can, for 'reasons of socioeconomic interest,' authorise the use of certain virtual assets for payments and issue licenses to providers of services related to them, according to a resolution published in the official gazette. The bank warned that individuals undertook unauthorised operations with such assets at their own risk. In May it had alerted Cubans against a growth of Ponzi-like 'investment' schemes, including some using cryptocurrencies. - Reuters