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. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Bitcoin Price Analysis: BTC bulls may hit a brick wall on approach to $9,800

Bitcoin (BTC) extended the recovery to trade at $9,750 at the time of writing. The first digital asset bottomed at $9,300 on February 19 amid massive sell-off and managed to regain some ground since that time. 

More Bitcoin News

Ripple Price Weekly Forecast: XRP/USD road to $0.35 mapped

As the week grinds toa halt, cryptocurrencies are rolling in a positive direction. The positive resonation comes after a couple of days that saw bulls paralyzed in the cryptocurrency market.

More Ripple News

Cardano launched hardfork OBFT; ADA/USD extends the recovery

Cardano (ADA), now the 11th largest digital asset with the current market value of $1.5 billion, has gained 2.7% in recent 24 hours to trade at $0.0590 at the time of writing.

More Cardano News

BCH/USD sprints to $380 amid development tax disagreements

Bitcoin Cash explored the region at $350 as I discussed in the previous article. However, the bulls quickly entered the market ready to buy low and push the price upwards. BCH/USD is already in the green ...

More Bitcoin Cash News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: BTC bulls plot the revenge

Bitcoin's market capitalization settled at $176 billion, which is 62.8% of the total digital assets market.

Read the weekly forecast

BTC

ETH

XRP