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.

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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

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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.”

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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.

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