The director of the Central Bank points out that the new cash selling business in Cuba is illegal

The Vice President of the Central Bank of Cuba, Alberto Quinones Betancur, referred to the new business of selling cash on the island.

In statements to the government press, the director presented details about the implementation of banking in the country during the month of August.

He said it was basically singled out Granmain order to create the conditions for its implementation, as well as to educate, train, prepare and accompany all participants.

In response to a question about “illegal behaviors that occur with regard to the use of electronic payment channels,” Quinones Betancourt warned against charging commissions to people who need to make electronic payments and also from Cubans who “offer money for a higher amount per transfer.”

“These behaviors violate Resolution 111, which states that all channels must be in equal conditions at the time a payment is made,” he warned.

However, this business is increasing on the island in light of the scenario of cash shortage in banking institutions and the reluctance of many Cubans to carry out financial operations through Cuban banks only.

Cuban pesos are also used in Cuba

This way, medium the touch It applied a new component to the already known unofficial exchange rate: the relationship between the Cuban peso in cash and the CUP “on bank”.

“The update is provided in response to multiple suggestions from our community. We will only publish the value relationship when we have enough data to provide a representative number.” announce. For example, the message dated August 25 indicated that 1 cup was equivalent to 1.08 cups per transfer.

“In the midst of banking, or with justification for it, many people are taking advantage of the turbulent river to fatten their digital pockets. A new kind of outlaw business that seeks to profit at the expense of those who need cash and cannot find it at an ATM,” the journalist denounced in Information system Lazaro Manuel Alonso.

“It doesn’t benefit. And that’s what has been known to happen. From day one of starting banking, my brother and I said this would happen. There are those who make decisions that take everything by surprise.” answered Cuban comedian Luis Silva.