On August 26th, the country intends to regulate cryptocurrencies. The resolution, according to the text, seeks to establish regulations for regulating the use of virtual assets, as well as to provide licenses to service providers who deal with such assets. It would empower the Bank of Cuba to authorize virtual assets and service providers “for socioeconomic considerations.” In this context, virtual assets are the “digital representations of value” that may be traded or transferred digitally and used for payments or investments.
Other terminology covered in this definition are digital assets, crypto assets, cryptocurrencies, digital currency, and virtual currency. According to Gizmodo, cryptocurrency could be one way to simplify the process of sending remittances from the United States to Cuba. Sending money between the two countries has become more complicated since former US President Donald Trump imposed remittance bans last year.