The Cuban Crypto-Economy
Nelson Rodriguez, a Cuban cafe owner who takes payments in Ethereum and Bitcoin, was recently interviewed by NBC News. “Cryptocurrency has a lot of virtues,” he said. “It has a lot of virtues.” Cuba, on the other hand, is administered by a Communist Party, and its residents are unable to use internationally permitted credit or debit cards due to American sanctions. The use of Revolut, PayPal, and other similar services is prohibited in the area. ALSO READ Tether To Send 1 billion USDT to Ethereum. Bitcoins Market Reviews: Is Bitcoins Business Scam or Legit? Grayscale Makes New Attempts To Turn Its GBTC Into An ETF Cryptocurrency, on the other hand, does not operate in this manner. The central bank of Cuba has announced that it would begin issuing licenses for virtual asset providers this month. It has been 8 months since reports surfaced that Cuba’s President was considering making the use of cryptocurrencies like bitcoin legal. Digital assets, as explained by Rodriguez, mean that there is no longer a need for payment service providers for commerce, and so, their bans are insignificant.[rb_related title=”More Read” style=”light” total=”4″]
As worldwide banks are fined hundreds of millions of dollars, the area’s technology provides a wide range of exceptional chances. To put it simply, even if Cuba has the money to trade, making payments is still a huge problem. That the Cuban public is going toward cryptography is clear to Dr. Emily Morris of University College London, an economist. She noted that people find it interesting if they don’t need a middleman like a bank to transfer money between two parties.
Leave a Reply