Cubans resort to Bitcoin and cryptocurrencies to bypass U.S. sanctions


  • Internet connect has opened the way for Cubans to interact with the global economy using cryptocurrencies.
  • Cryptocurrencies are used to buy air time and make purchases online.

Cuba to many is a backward country stuck in the analog phase unlikely to trend for digital advancement and innovation. However, the situation on the ground is not as bleak as many imagine. The rise in internet connectivity and smartphone adoption paved a way for cryptocurrencies related transactions. An alternative to the traditional system helping locals bypass the US sanctions on Cuba.

For instance, a local trader, Sanchez uses Bitcoin and other major cryptos to buy spare parts for his mobile phone repair shop. “This is really opening doors for us,” Sanchez said with excitement. The founder of a Telegram Channel, CubaCrypto Alex Sobrino reckons that at least 10,000 people use cryptos.

“We are using cryptocurrencies to top up our cellphones, to make purchases online, and there are even people reserving hotel rooms with (it).”

Although, the current conditions are forcing Cubans to cryptocurrencies, it is unlikely that these digital assets will be adopted as a legal mode of payment. Cryptocurrencies are stuck in the gray legal area.

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Top 3 price prediction Bitcoin, Ethereum, Ripple: Market ready to launch, not knowing who will lead it

One of these stories is the intense and profound relationship between Ethereum and Bitcoin. The story approaches a moment of decision, where what happens can mark the future.

More Bitcoin News

Ethereum Price Analysis: ETH/USD reverses Sunday gains as Istanbul-inspired enthusiasm is over

ETH/USD has retreated from the recent high of $152.14 reached on Sunday, following the successful Istanbul upgrade.

More Ethereum News

IOTA price analysis: IOT/USD loses ground, ignores positive fundamentals

IOTA is flashing with red colors. The coin retreated from the 18th position a month ago to 20th place in the global cryptocurrency rating amid strong bearish sentiments.

More IOTA News

Tezos Price Analysis: Whales send XTZ/USD to multi-month high

Tezos  (XTZ) is the best-performing digital asset today. The coin has gained over 6% of its value in recent 24 hours while all Bitcoin and all major altcoins have stayed in tight ranges amid low trading activity. 

More Tezos News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: It's all about whales again

On the cryptocurrency market, regulators, governments and central bankers and other big names like that are inferior to whales when it comes to generating trends and price movements.

Read the weekly forecast

BTC

ETH

XRP