Recently, Resolution 215 of the Central Bank of Cuba (BCC) published in the Extraordinary Official Gazette No. 73 established the conditions for the use of cryptocurrencies in the country. Negolution spoke with Cuban economist, professor and consultant, David J. Pajón, to understand what this measure means, what changes it proposes and how it could impact the country’s private sector.

The partnership of agricultural cooperatives with foreign companies, as well as foreign investments in the different forms of private agricultural management in Cuba are today an opportunity, but one which is not fully taken advantage of.

Despite the laws approved to include new economic actors in a more active role in the Cuban reality, many limitations remain.

The global fever for cryptocurrencies has also gained strength in Cuba, to such an extent that the government is evaluating the possibility of inserting virtual currencies such as Bitcoin in payments and other economic operations in the country

Government authorities defined the emerging Micro, Small and Medium-sized Enterprises (MSMEs) set to burst into the nation’s productive framework in a few weeks as “a novel actor with a dynamic role in the Cuban economic scenario.”

A year ago, the government authorized access to foreign trade activities for entrepreneurs and private businesses in Cuba. But how far have the benefits of the measure been extended?

Those who have already taken part in foreign trade services now have a new experience to boost their business and “influence” the national economy.

Access to foreign trade services by non-state forms of management represents a benefit both for them and for economic dynamism

Cuba received the year 2021 with the implementation of the monetary restructuring policy that, in practice, means the elimination of the dual currency system and other measures deemed essential for the advance of the country’s economic and social strategy.

Private businesses had to assume substantial transformations in their management in order to stay afloat during the cruelest months of the COVID-19 pandemic. Reducing staff, changing their productive model, or moving to the delivery service, count as three of the most common actions in a scenario where government protection only extended to the elimination of tax payments.