Cuba Surpasses 100k Active Crypto Users to Avoid Sanctions -Breaking
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Cuba surpasses 100k active crypto users to avoid sanctions- More than 100,000 Cubans use cryptocurrencies to conduct their daily financial transactions and for international business transfer. Despite Cuba’s never-ending internet problems, it seems that blockchain-based currencies are being swiftly adopted.
Crypto Thriving In A Place That Isn’t So Simple
Flagrant attempts to censorship have left many Cubans without an internet connection since last summer. Further complicating matters, Cubans were also affected by an accidental fiber loss in Havana’s capital. Mobile internet was established in Cuba three years ago. However, it appears that this is the pivotal moment in the story. Cubans have finally regained their freedom.
In Cuba, you can use bitcoin to buy a meal, or a drink.The island is experiencing a crypto boom, thanks in part, to U.S. sanctions.Journalist Ed Augustin explains.Watch NOW: https://t.co/U4UZMHn7bF pic.twitter.com/8vGCPa2nTL
— NBC News NOW (@NBCNewsNow) May 2, 2022
Cubans Feel Financial Freedom with Cryptocurrencies
The harsh sanctions introduced by the U.S. have had a heavy burden on many of the country’s citizens, and this is why an independent monetary technology like blockchain could be the ideal solution to their problems.
Nelson Rodriguez, a local business owner, explained in a recent NBC interview that there’s a clash of two opposite perspectives, which has thus led to the increased use of crypto. “I like crypto, because I believe in the philosophy”, Rodriguez says, referring to the idea of sovereignty, decentralizaton, and being able to freely store and trade funds without fearing that the local government will implement vague taxes or simply ban the technology.
Revolut and Zelle are popular payment methods that have been banned in Cuba.
The Cuban government supports the idea of a crypto-based economy
Cuban officials have just begun to set up a legal environment for transactions and service providers of crypto services. To use cryptocurrency, anyone who wants to obtain a license from the Central bank of Havana must do so by April 2022. After considering socioeconomic and legal issues, the bank can approve or deny an one-year license. The government is hoping to be able revive international commerce. Citizens can also move more freely by using crypto wallets and not major credit cards.
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