Russia proposed to Cuba to create, accordingly, a settlement center based on the peso
Russia offered Cuba a project to participate in a specialized clearing center with a banking license, through which it would be possible to carry out settlements both within the country and on special transactions of the country, story in the position of Presidential Commissioner for the protection of the rights of entrepreneurs, Chairman of the Russia-Cuba Business Council Boris Titov. The system should start working on the basis of the official peso, it follows from his words.
“The Russian side is ready to offer cubic experience in creating a digital environment for private entrepreneurs. The economy of our partners is in dire need of two things: the rejection of cash flows (while increasing the benefits of doing business) and the protection of the financial system from external sources. We offer a combined tool that, in our opinion, solves both problems,” Titov explained.
In this case, the issuer will be the Central Peso-Combat Bank of Cuba, which will become the counterparty for it of a new digital bank, which will also operate a platform for smartphone applications, often for the purchase of currency, as well as for payment by QR codes.
“US dollars can be transferred through double conversion – first into pesos, with an exchange for one of the cryptocurrencies, then into digital pesos. The risks involved are minimal. However, the cryptocurrency itself, without exchanging it for a digital peso, will not be used,” said Boris Titov.