In Response To US Sanctions, Over 100,000 Cubans Are Turning To Bitcoin.
According to an NBC report, more than 100,000 Cubans use bitcoin and other cryptocurrencies. Mobile internet connectivity, which was only available to Cubans three years ago, was a major driver of cryptocurrency acceptance. Sanctions on Cuba limit the use of international monetary standards, necessitating the development of sovereign monetary technology.
According to an NBC News report, Cuba is adopting bitcoin and other cryptocurrencies in response to harsh US sanctions.
According to reports, 100,000 Cubans are now utilizing cryptocurrencies, thanks in large part to the arrival of mobile internet access three years ago. Nelson Rodriguez, the owner of a cafe shop, was interviewed by NBC because he accepts bitcoin and other cryptocurrencies.
Rodriguez said when asked why he decided to accept a new form of payment:
“I like crypto because I believe in the philosophy.”
Rodriguez is most likely referring to the belief that money should be sovereign, meaning that it should belong to those who have earned it and that it should not be devalued over time. These values have clashed with both the Cuban government and international sanctions imposed on Cuba by countries such as the United States.
Cubans are unable to use PayPal, Revolut, Zelle, and many other internationally accepted forms of credit or debit due sanctions prohibiting their use.
Reuters reported on April 27 that Cuba was approving cryptocurrency service providers pending the central bank’s approval. Pavel Vidal, a professor at Colombia’s Pontificia Universidad Javeriana Cali and a former Cuban central bank economist, is quoted as saying:
“If the central bank is creating a cryptocurrency-friendly legal framework, it is because they have already decided that it can bring benefits to the country.”
The Human Rights Foundation’s CSO, Alex Gladstein, released an article in which he discussed many of the issues that the Cuban people have faced. Gladstein spoke with Ricardo Herrero, a son of Cuban exiles and executive director of the Cuba Study Group, about the economic impact of sanctions on the Cuban people while writing the piece.
Herrero referred to the embargo placed on Cuba as “the most rigid and expansive sanctions regime towards any society on the planet.”
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