Back to Innovation Atlas


No Open Banking

An island country which has approved the use of cryptocurrencies.

According to the World Bank, 74% of Cubans had access to the internet at the end of 2020.

The Central Bank of Cuba has granted a licence to the country’s telecommunications monopoly to operate a digital wallet service. The Central Bank has approved the personal use of cryptocurrencies as well. The roll-out of mobile internet three years ago has opened the way for cryptocurrency transactions in Cuba, and enthusiasts on the island are growing in number as the currencies help overcome obstacles created by decades-old sanctions set by the US.

According to Statista, the total transaction value in the Digital Payments segment is projected to reach US$2,549.00m in 2022. The largest segment in the market is Digital Commerce, with a projected total transaction value of US$1,552.00m in 2022.

In Wiley’s Global Digital Skills Index 2021, Cuba ranked 90th out of 134 countries.