The ISO code CUC was introduced on 1 March 2009. With effect from 1 January 2021, the dual currency system consisting of the convertible peso (CUC) and the Cuban peso (CUP) has been abolished and the Cuban peso designated as the country's sole legal tender. Existing sums in convertible pesos could be exchanged at banks and bureaux de change at a rate of CUC 1 = CUP 24 until 31 December 2021. Exchange rates as of January 2021 see BBEX3.M.CUP.EUR.CA.AB.A01. Whereas the CUC was primarily intended for use by foreigners, the CUP was generally used to pay wages and salaries. Until the end of 2020, the Cuban government applied a CUC to CUP exchange rate of 1:1 in its national accounts. In reality, Cuban pesos could only be exchanged for convertible pesos at a considerable discount. From 18 March 2005 to the end of 2020, the government foreign exchange bureaus (CADECA - Casas de Cambio) paid CUP 24 per CUC or USD. Individuals wanting to purchase CUC had to pay CUP 25 per CUC. The euro was also an accepted form of payment in some tourist locations.
