Bitcoin trading in Cuba experiences an upswing in activity as cryptocurrencies and mobile internet become household words.
For someone from outside, Cuba seems like an unlikely breeding ground for digital innovations, even more so for cryptocurrencies. The island country in the northern Caribbean has been financially detached from the world owing to US trade sanctions, and decades-old isolation has left the country with minimal scope for advancements.
However, the advent of mobile internet has opened new doors for the country and Cubans are now turning to cryptocurrencies, especially Bitcoin, for digital evolution.
Bitcoin trading in Cuba: A way to circumvent US embargo
According to a recent article published by the US news, the country is now leaning towards cryptocurrencies and Bitcoin trading for executing their everyday tasks such as making purchases online or sending funds across the border.
Like many Cubans, Jason Sanchez, 35, took to Bitcoin for purchasing spare parts online for his humble mobile repair shop in the capital city. Similarly, others are buying digital currencies that are decentralized and anonymous and using them to make purchases for everyday items or trading them.
For Cubans, cryptocurrencies are opening new doors as people like Sanchez can now buy parts from China through a simple Bitcoin transaction from his mobile, something that was a far-flung dream couple of years back. They offer a way to recuperate from the otherwise shattered economy where crowdfunding platforms and foreign investments shudder at the mere mention of Cuba.
Cryptocurrencies opening up the doors to digital Cuba
What’s more interesting is the fact that Cubans have their way to cryptocurrencies through adversities and economic challenges. The population, which has no access to credit or debit cards, have found their safe haven through a social media channel like CubaCripto, which enables its members to buy and sell their initial batch of cryptocurrencies.
Alex Sobrino, the founder of this innovative social media channel, provides an estimate of around one thousand Cubans relying on cryptocurrencies for their online transactions. Locals are gaining access to Bitcoin trading through their laptops are phones. They are engaging in cryptocurrency transactions for purchasing items as small as a top-up for cell phones or booking flights and hotels, says Sobrino.
Fusyona, Cuba’s first cryptocurrency exchange, has empowered its citizens with access to the global economy. Its founder, Adrian Leon, states that people abroad are using Fusyona to send funds to Cubans. Moreover, the locals gain access to nine different cryptocurrencies through the trading platform.
While many proclaim that cryptocurrencies have become a necessity more than being a privilege, the Cuban government’s indecisiveness towards leaves them a dash of anxiety as they can never predict which way the decision goes.