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With the United States cutting the communist-run nation of Cuba out of the global financial community, international trade has been one hell of a fight – and in this fight, crypto obtains greater and greater role.
Cubans can no longer use credit or debit cards like others do. They have turned to their family outside of the country to help them purchase things they need in stores abroad. Well, not a lasting solution for the thousands of inhabitants living in the Island.
Recent report from Havana suggests that Cubans are seeing the crypto market, and mainly Bitcoin(BTC)trade, as a good way out of their predicament. Thanks to the decentralized nature of digital currencies, just about anyone can gain access to whatever they need.
A big number of Cubans have already flirted with the idea of cryptocurrency and the government is reportedly checking out cryptocurrency to see if it is safe to own an official crypto coin.
While we are not sure cryptocurrency can replace fiat currency in the Island (Cuban peso), we are totally convinced that crypto will be a great way for them to participate in international trade once more.
Thanks to the advancement of the internet and smart mobile devices, Cubans now easily exchange their pesos for cryptocurrencies such as Bitcoin, and use the crypto coin for many purchases they need to make outside of the country. A certain phone repairer, Jason Sanchez, confirmed that he is currently using cryptocurrency to boost his business by buying phone parts online. “This is really opening new doors for us,” he asserted.
Sanchez isn’t alone on this, the founder of the Telegram channel CubaCripto, Alex Sobrino, stated that “we are using cryptocurrencies to top up our cellphones, to make purchases online, and there are even people reserving hotel rooms with (it).”
Adrian Leon, the founder of the supposed first crypto exchange in Cuba, Fusyona, also weighed in on the issue, stating that “For foreigners, cryptocurrencies is just another option but for Cubans ,it is a necessity and can be a solution to their exclusion from the global financial community.”
Notwithstanding, it is important to state that while this government isn’t really anti-crypto like other countries, it does have its reservation about the holy grail of decentralized payments.
Therefore, embracing crypto in Cuba, as helpful as it may seem, is yet on the low, not drawing attention. A good solution would be to create an official crypto coin. The renowned and yet notorious John McAfee has even expressed his willingness to partake in the plan. However, the government is yet to say whether on not an official cryptocurrency is coming anytime soon.