Cuba's central bank has issued its first cryptocurrency licenses, authorizing ten companies to use digital assets for cross-border payments under Resolution 4/2026. The permits arrive not as a sign of freedom, but as a tightly controlled workaround for a foreign-currency shortage, an undeclared banking freeze on dollar accounts, and a state apparatus trying to keep a grip on payments even as conventional channels buckle. **Who Gets the Permit** Nine of the licensed entities are private small businesses operating in technology, gastronomy, and transport, with one being a state-linked mixed enterprise. All transactions must be processed through a Lithuanian-registered provider, EBIORO UAB, founded in 2019 by Cuban expatriate Yulexi Matienzo Carcasés, which received its Cuban permit in early 2025. Licensed companies are permitted to use cryptocurrency solely for cross-border payments directly related to their registered business activities. They are required to submit quarterly reports detailing transaction volumes and platforms used. Each authorization is valid for one year, with renewal requiring a request at least sixty days before expiration. Speculative trading and domestic use of cryptocurrencies are strictly prohibited. **What Forced the Opening** This move is driven by Cuba’s ongoing foreign-currency shortage and an undeclared banking freeze on dollar accounts that began in mid-2025, which restricted foreign companies from withdrawing dollar deposits from state-run banks. The Cuban peso has depreciated to approximately 510 per dollar on the informal market, and the economy has contracted an estimated 11% since 2020. U.S. sanctions and reduced Venezuelan oil shipments have severely limited conventional banking channels, making traditional wire transfers nearly impossible for private firms needing to import supplies or pay foreign partners. The permits are set to become operational in early April 2026, seven business days after their gazette appearance. **The State Keeps the Leash** Resolution 4/2026, signed by Central Bank president Juana Lilia Delgado Portal in January 2026, was published in the Official Gazette on March 23, 2026, after a two-month delay. The legal framework for virtual assets in Cuba began with Resolution 215 of 2021, which recognized virtual assets and empowered the Central Bank to license service providers. A subsequent resolution in April 2022 formalized the application process and established a Cryptoassets Group to evaluate proposals. This five-year-old regulatory architecture also includes Cuba’s recent policy allowing overseas Cubans to own businesses and obtain licenses as virtual-asset service providers. Resolution 4/2026 marks the first concrete permits issued to specific private businesses under this framework. Analysts observe that this remains a cautious, small-scale experiment, with ten firms operating under annual, revocable permits and mandatory state oversight. The Central Bank's gazette warns that virtual assets are volatile, irreversible, and not state-backed. The success of this pilot in facilitating international payments through digital assets will determine its future expansion, as Havana seeks to maintain oversight of a technology designed to operate beyond state control.
