Interest in the crypto market is increasing in Cuba, which has problems in international trade due to US sanctions.
Cryptocurrency is on the rise as US sanctions pose difficulties in payment methods. More than 100,000 Cubans are known to have digital assets.
Cuba’s Crypto Economy
Cuban cafe owner Nelson Rodriguez accepts payments in Bitcoin and Ethereum. Rodriguez says he trusts and believes in crypto.
Due to American sanctions in the country, he cannot use internationally accepted debit and credit cards. Also, Paypal, Revolut and Zelle are prohibited.
The Cuban central bank announced this month that it will begin licensing virtual asset service providers.
Rodriguez noted that cryptocurrencies are highly effective against sanctions.
Economist Dr. Emily Morris said that it is not surprising that the Cuban population is returning to crypto. “If you can transact directly between two parties that don’t need to go through a bank, then that would be interesting,” he said.
Famous Cuban musician Ernesto Cisneros stores his music, videos and photos on chain and sells them online for money.
A Killer of Sanctions?
While Cuba can circumvent these restrictions by using crypto in coffee shops, Chainalysis claims this is not suitable for alternative national governments.
Binance CEO Changpeng Zhao, “Crypto is very traceable. Governments around the world are getting better and better at tracking crypto transactions.” used the phrases.
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