Russia learns Cuba in the use of digital banking services

Russia learns Cuba in the use of digital banking services

HAVANA, Aug. 24th. Russian experts from the Ptor Stolipin Institute of Economic Development (IER) are offering Cuba their experience in the creation of digital banking and tax services, according to a report by the Russian news agency PRIMA.Boris Titov, head of the Russia-Cuba Business Council and in charge of supervising matters concerning the cooperation of the two countries, declared that the proposal for the digitalization of tax control has been sent to the Deputy Prime Minister of the Republic of Cuba, Ricardo Cabrisas Ruiz. and electronic banking, based on the experience of the Russian Federation.

“In the Cuban version, the unified platform can include both registration services for new entities, maintenance of their records, payment of taxes, and banking services: account opening, cash and settlement services, payment acceptance,” Titov explained and affirmed that the Havana regime plans to transition from strict state regulation to the development of private competition.

This initiative is part of the joint work plan for the economic transformation of the Cuban economy, according to the documents of the Russia-Cuba Intergovernmental Commission.

The physical base of the Superservice, according to the proposals, should be a specialized financial institution – the Bank for the Development of Entrepreneurship, created in partnership with a Russian bank.

It would have records of business entities, facilitate online registration, open accounts for them and provide cash and settlement services, transfer taxes as a fiscal agent and transmit data in automated format to the fiscal authority of the Republic of Cuba, the report details. of PRIMA.

“The creation of the Development Bank will multiply the possibilities of control over the payment of taxes, will drastically reduce cash turnover and will lead to the de-dollarization of the Cuban economy. In addition, the introduction of the platform will create a basis for analysis of the situation economy and price control,” Sviridenko said.

It is also proposed that the same institute specialized in market economy training be in charge of providing the “Cuban market” with bank terminals and online cash registers in the required quantity.

Last week, the Cuban government began an accelerated banking process that generalizes the use of electronic payment and collection in order to alleviate the cash deficit.

The implementation of the measure has been met with criticism amid infrastructure problems such as the insufficient number of ATMs, constant failures in electricity service and internet connection, and the concern of a large sector of the population without access to mobile telephony or knowledge for the use of these ATMs.