Russia offers Cuba to create a settlement center based on the digital peso

With its help, it is possible to protect the financial system of the republic from sanctions

23.01.2023 - 11:15

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2 min

What’s new? The press service of Boris Titov, business ombudsman and chairman of the Russia-Cuba Business Council, reported that Russia offered Cuba to “bring the economy out of the shadows” through a single settlement center based on the digital peso. The initiative was discussed during a meeting in Havana with the head of the Central Bank of Cuba (BCC) Marta Gonzalez, RIA Novosti reports.

RIA Novosti’s material

Details of the initiative. The settlement center will ensure the protection of Cuba’s financial system from external sanctions, Titov’s press service said in a statement. According to the ombudsman, Russia is ready to offer the republic its own experience of creating a digital environment for entrepreneurs. For example, with its help, it is possible to create a settlement center with a banking license, through which financial transactions would pass both within the country and for foreign trade transactions.

Titov explained that the Cuban economy “is in dire need of two things: laundering cash flows while increasing ease of doing business, and protecting the financial system from external sanctions.” According to him, Russia has offered the republic a combined tool that can solve both problems.

In September 2021, the BCC published a resolution to legalize a number of digital assets with a list of rules and guidelines for dealing with them. In May 2022, the BCC began issuing licenses for the use of cryptocurrencies. The permit is valid for one year with the possibility of renewal.

In January 2023, Russia and the Central Bank of Iran discussed the possibility of developing a common stablecoin pegged to gold, which could be used in foreign trade settlements instead of the dollar, ruble, and rial.

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