Central Bank of Cuba regulates the use of cryptocurrencies. \ stacker news ~Politics_And

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Central Bank of Cuba regulates the use of cryptocurrencies.

101 sats \ 8 comments \ @BTCLNAT 2 Nov Politics_And_Law

2021-08-28

Resolution 215 of the Central Bank of Cuba (BCC), published in the Extraordinary Official Gazette No. 73 and signed by its Minister President Marta Sabina Wilson González, aims to "establish the rules based on which the Central Bank of Cuba, by reasons of socioeconomic interest, regulates the use of certain virtual assets in commercial transactions, as well as the granting of licenses to virtual asset service providers for operations related to financial, exchange, collection or payment activity, in and from the national territory."

The Resolution establishes that "Financial institutions and other legal entities may only use virtual assets among themselves and with natural persons, to carry out monetary-mercantile operations, and exchange and re-exchange; as well as to satisfy pecuniary obligations, when authorized by the Central Bank of Cuba."

It adds that "The organs or agencies of the Central Administration of the State, political, mass and social organizations and other institutions, control and supervise that their subordinate entities and the associative forms of which they are organs of relationship, refrain from using virtual assets and their services, in commercial, monetary and mercantile transactions or to satisfy pecuniary obligations, except in cases authorized by the Central Bank of Cuba."

Appearing in 2009 in the world, these cryptocurrencies or cryptoassets are a kind of digital money, without physical existence and that are not backed by gold or banking institutions of the countries, that is, they cannot as a whole be controlled by any issuing country or bank.

Given the insecurity and risks that lead to scams with these assets that move in wallets through cyberspace, the BCC disassociated itself from any criminal action with these cryptocurrencies. “Natural persons assume the risks and responsibilities that arise in civil and criminal matters from operating with virtual assets and virtual asset service providers that operate outside the Banking and Financial System, even though transactions with virtual assets between such persons are not prohibited,” stated the regulation that will come into force within 20 days.

Among the most popular cryptocurrencies on the island are Bitcoin, Ethereum Litecoin and USDT.

Can someone explain to me whether or not crypto assets can be used in Cuba?

One paragraph says that financial institutions, legal entities and individuals can use them. The next paragraph says that "The bodies and organizations... and those they supervise." If everything in Cuba belongs to the state, the financial institutions, legal entities and even individuals. THEN IT IS POSSIBLE OR IT IS NOT POSSIBLE. These communists are going to drive me crazy.

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21 sats \ 0 replies \ @DarthCoin 2 Nov

It's simple: they can regulate only the ramps between btc and fiat.

Those laws apply to fiat not to btc. Just write an open letter to them and ask this simple question: can you provide any proof that you (as the gov) can control my btc property without my consent?

These laws are more to scare the shit out clueless nocoiners.

0 sats \ 5 replies \ @DarthCoin 2 Nov

Those are only acts and statuses. Read here about them: #674373 Also what is "authority": #716947

21 sats \ 4 replies \ @BTCLNAT OP 2 Nov

"Therefore do not fight regulations, inquire if you are obligated to obey them, and who is going to administer them, and under what authority."

This is what you mean when you advise me to write an open letter to the person who makes the provision.

"There is only one form of authority, and that’s yours. For anyone to be able to force you to do something, you must first give them authority to do so."

I totally agree with that. Only here a totalitarian government does this "by violating someone's rights."

In any case, it is always good to know how to prepare a defense and above all, that in this summary shown, which was issued by the Central Bank of Cuba itself, based on the aforementioned law, it allows me to have the opportunity to use the "digital assets" between peers, without being a service provider. So I could pay another in BTC and this would not be illegal.

10 sats \ 3 replies \ @DarthCoin 2 Nov

Be aware: totalitarian it doesn't mean that also have authority... Challenging (rebutting) the authority is one thing and fighting totalitarianism is another thing.

In your situation, just by using Bitcoin day to day (I know is hard), is like both.

21 sats \ 2 replies \ @BTCLNAT OP 2 Nov

I totally agree, my friend. I know you understand me because you were once in a regime that was the same or worse, because the one here learned from the one in Eastern Europe. And with great "shades" of FACISM.

31 sats \ 1 reply \ @DarthCoin 2 Nov

I don't want to tell you what to do, in your situation in Cuba. I really know how terrible is, I live it myself long time ago.

The only advice, (based on my own experience lived in such situation) I could give is this:

refuse to comply - here is a video explaining how others did it long time ago. Nothing can be imposed if people refuse to comply.
stand your ground, no matter what. I know this is really hard to achieve, especially when you have kids, family, but there's no other way against totalitarianism, you have nothing else to lose.
mass disobedience. It must be in mass, otherwise very few things you can achieve, maybe only some at personal level, but when is about for more important things, it must be at mass level.

Of course all these must be decided by yourself and people around you and decide when is the right moment. Only you can know when is that moment.

21 sats \ 0 replies \ @BTCLNAT OP 2 Nov

Thanks for the suggestion, my friend. I will continue using Bitcoin here, I will continue being free and staying firm. In any case, I will continue teaching others and trying to get them to use it if they want.

0 sats \ 0 replies \ @jgbtc 2 Nov

These dictates only increase the need for black market money, and Bitcoin functions great as black market money.