Cuba’s Central Bank (BCC) has granted an operating license to Bagalsal Internacional SL, a Spanish company based in Lugo, northeastern Cuba. The company will now act as a digital bridge to inject foreign currency into a liquidity-hungry banking system.
This decision, embodied in Resolution 21/2026, represents a real shift in the Cuban capital Havana’s strategy to earn foreign exchange, giving foreign private companies control of a technological platform that allows them to deposit funds directly onto prepaid cards and hand over cash over the counter.
Solutions are limited to fiat funding, deposits, and cash deliveries. The aforementioned digital platforms serve as operational tools for these functions.and not as a basis for trading crypto assets.
However, Cuba has a separate regulatory framework for virtual currencies (Resolution 215 of 2021 and subsequent updates), which allows the regulated use of virtual currencies in certain international payments. And as reported by CriptoNoticias, the central bank recently allowed other companies to operate using Bitcoin (BTC) and other cryptocurrencies for overseas payments.
Digital surveillance and mandatory reporting
All of these actions occurred in countries where traditional banking channels have been cut off by US sanctions. Given this, the Cuban government appears to have realized digital technology and external alliances. An escape route to alleviate chronic dollar shortages.
Under the new plan, Spanish company Bagalço will become part of the country’s closely monitored apparatus. The regulation, signed by BCC Minister and President Juana Lilia Delgado Portal, requires the company to open its books and systems to the Financial Operations Investigation Directorate.
this Guarantees full state traceabilityeach euro sent to a digital wallet in Cuba from Spain or any other point leaves a visible footprint with regulators.
For the average citizen, this measure promises to simplify the process of receiving family assistance. But for analysts, the significance of the resolution lies in the level of commitment the Cuban state demands from Galician companies. As Quique warns, Cuba even wants to monopolize the cryptocurrency market.
Bagalsole must submit ironclad clauses that for any non-compliance, all assets, including off-island assets, must be returned and submitted only to Cuban courts. Underlines the BCC’s determination to maintain absolute control over the flow of funds.
In the face of this scenario of greater control, Bitcoin gains new importance as a truly decentralized currency. While the Cuban state perfects its monitoring mechanisms for digital transfers, various communities on the island are pioneering the use of digital currencies precisely as an alternative to separating money from state control.
For these users, Bitcoin’s mathematical neutrality presents itself as the only refuge from a system that, in the name of facilitating payments, actually seeks to gain economic autonomy for its citizens.
(Tag translation) Bitcoin (BTC)
