Cuba Authorizes 10 Firms to Use Cryptocurrencies for International Payments

Cuba's Central Bank has taken a significant step towards promoting international trade by authorizing 10 firms to use cryptocurrencies for cross-border payments.

The companies, mostly private and operating in the IT, manufacturing, transport, and gastronomy sectors, will be allowed to use cryptocurrencies exclusively for international transactions. This move is aimed at facilitating imports and supplier payments more efficiently, as well as tapping into diaspora remittances and international transactions with lower friction.

The Central Bank's framework includes one-year licenses, quarterly reporting, and a ban on domestic crypto use. Analysts see this as a targeted tool for economic survival rather than a transformative shift, with long-term impact hinging on compliance and volatility management.