More than 100,000 Cubans adopt crypto

More than 100,000 Cubans have already adopted cryptocurrency, despite mobile internet only being introduced to the Latin American country three years ago.

Cuba has seen the rate of adoption of cryptocurrency skyrocket over the past years, with US sanctions still dragging on.

Digital assets are now enabling tech-savvy Cubans to get going with cryptocurrency and escape the financial plight faced by much of the country.

It’s not only people trying to save or escape currency fluctuations who are looking into crypto in Cuba, though. One report by NBC News argued that even small merchants such as café owners are now accepting digital assets, hopeful of the future.

Nelson Rodriguez, the person interviewed by NBC News, argued that the philosophy of crypto is one that makes sense.

He is not alone, as more payment merchants also adopt cryptocurrencies internationally. But while Cubans do not have access to Revolut or PayPal, they now have access to Bitcoin, Dogecoin, Ethereum and others. Cuba may soon also press on harder on cryptocurrencies.

In April, there were rumors that the government is looking into ways to regulate the industry and create value for Cubans.

A switch to digital currencies would also make it easier for ordinary Cubans to live outside the financial transactions imposed by the US, for example.

However, this comes at a time when the US has hired additional cryptocurrency experts to help it clamp down on Russian oligarchs trying to use crypto to dodge sanctions. The lessons learnt there could soon be directed to other “unfriendly” regimes.

For Rodriguez, though, digital assets are the future. If you share this philosophy, you may be tempted to try digital gaming sites, such as 1xBit, FortuneJack or Bitcasino.io.

Source

Updated: 05/09/2022 — 13:00

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