Cubans Are Avoiding US Trade Embargo With Crypto; Global Marketplace Access And Remittances
BTC trading has helped open new trading avenues for Cuba citizens. The communist country has been isolated financially for many years under a siege that was started by the embargo placed on it by the United States.
According to a news report released by a U.S media company, it appears that the arrival of mobile internet in Cuba has helped many Cubans get access to cryptocurrencies. The residents are now resorting to the use of crypto assets to trade, invest, and make online purchases.
While many users lack access to credit and debit cards that they can use for global shopping, crypto-enabled purchases have become a welcome relief for many consumers. Jason Sanchez, a local resident, was interviewed a by U.S news outlet on the role that cryptocurrency was placing in their lives.
He stated that using cryptocurrency had helped open retail doors for many Cubans. The thirty-five-year-old Cuban went on to state that he was now in a position to buy accessories and spare parts for his mobile phone repair business located in Havana. Many of his purchases were sourced from an online store located in Chinese. He added that he normally used BTC to make all his payments.
The founder of CubaCripto, a Cuban Telegram channel, known as Alex Sobrino estimated that there were about a thousand Cubans who relied on cryptocurrency to perform retail shopping. While expressing his views on the topic, he stated that the local residents were using cryptocurrencies to buy airtime for their cellphones. Others were relying on the digital assets to make online purchases as well as reserve hotel rooms.
For those who do not have friends or relatives abroad, they have no option but to turn to the use of social media, such as Telegram channels. Another option involves the use of exchanges where residents get to personally swap cash for Bitcoin. A laptop or internet-enabled handset is required for this swap to occur.
Financial Exclusion and Available Solutions
It is estimated that there are about 1,300 local residents using Fusyona, a Cuban based cryptocurrency exchange platform. It is a platform that makes it possible for individuals who are abroad to remit money to Cuba. They can also use the platform to invest in up to 9 different cryptocurrencies through the use of a larger crypto exchange. The platform charges a fee of up to ten percent for all its services.