Resolution 215 of 2021 introduced by the Banco Central de Cuba (BCC) – the central bank of the nation – offering legal status to cryptos such as Bitcoin (BTC), is officially effective. 

Specifically, as revealed by Cuba’s official state news agency Prensa Latina, the order has been officially effective beginning September 15th. 

With the BCC granting crypto the legitimate legal status in the nation, Bitcoin and other cryptocurrencies will now have the ability to become an investment or commercial transactions vehicle across Cuba. 

The central bank previously disclosed details of its initiative to grant legal status and establish regulations for crypto in August this year. 

As a matter of fact, Resolution 215 of 2021 reportedly consists of provisions for a licensing regime dedicated to crypto exchanges as well as different digital asset service providers currently functioning throughout the country. 

Regardless of its movement to legitimize the use of crypto assets across Cuba, the BCC still issued warnings of the risks that usually tag along with crypto. 

Per the BCC, while crypto functions beyond the confines of the country’s banking network, the use of virtual currencies can generate risks related to monetary policy and financial stability.

Via the country’s recognition of crypto, the people in Cuba will reportedly have the opportunity to experience simplified remittance flows from foreign nations regardless of America’s official ban on commercial trade. – which saw international money transfer services such as the Western Union move out of the nation due to the inclining pressure from Washington.