The Grupo Correos de Cuba Business Group will provide payment services and international money orders through electronic transfers to bank accounts in Freely Convertible Currencies (MLC) of natural persons.
The institution reported that the 19 postal companies that make it up will also provide financial support services to collection or payment institutions in the national territory, based on Resolution 208/2021 of the Central Bank of Cuba (BCC) published this Saturday in the Official Gazette.
In accordance with the regulations, Correos de Cuba may make collections and payments with magnetic cards, deposits and cash withdrawals in Cuban pesos at post offices, for an indefinite period of time and in accordance with CCB regulations.
The license will allow “to act in the national territory as a non-financial institution, which provides financial support services to collection or payment institutions in the national territory, through the provision of payment services and international money orders through transfers electronic accounts in bank accounts in freely convertible currencies of natural persons, as well as making collections and payments with magnetic cards, deposits and cash withdrawals in Cuban pesos at post offices, for an indefinite period of time and in accordance with the regulations of the Central Bank of Cuba “, underlines the information.
The Resolution states that this entity has the infrastructure required for such purposes, as well as to ensure the security and execution of authorized operations in accordance with international standards related to the payments industry.
The company has a period of 30 days to carry out all the necessary legal procedures to adapt its legal documentation in order to initiate these functions.
Correos de Cuba was already making international trips from Spain, first to CUC and then to CUP (Cuban pesos). However, this authorization would allow it to expand its services to other countries, with the exception of the United States.
The island has been pressured by the restrictions of United States for sending remittances through companies linked to the Cuban government. Joe Biden has said he is studying the best mechanism to help families without benefiting from the Havana regime.
The BCC also announced on Friday that it will regulate the use of digital currency and grant licenses to service providers that operate with them, another measure that will facilitate the sending of money to Cuba.
In Cuba the interest in digital currency, Especially in Bitcoin, following the demise of the CUC and the sanctions of the Donald Trump administration on FINCIMEX.
For months now, they have been operating private digital currency exchange platforms without any restrictions, helping their users to send and receive remittances from various countries.
According to unofficial estimates, at least 10,000 Cubans use bitcoins, one of the most widespread digital currencies on the island, especially for sending remittances to their relatives, as this allows them to protect their money in cryptocurrencies to prevent devaluation or use them as a means of saving.
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