ICYMI ~~ 100,000 Cubans Are Using Cryptocurrencies to Bypass Financial Sanctions
On May 2, 2022, a report stemming from the broadcast television and radio network the National Broadcasting Company , 100,000 Cubans are leveraging crypto assets. The report says increased crypto usage is due to the fact that Cubans cannot use certain payment vehicles due to the sanctions placed on Cuba by the United States.that indicates roughly 100,000 Cubans are using digital currencies like bitcoin.
100,000 Cubans using crypto assets is largely due to the increased internet performance during the last three years, the report claims. Another Cuban entrepreneur NBC interviewed discussed how specific payment companies like Paypal, Revolut, and Zelle were banned in Cuba. “We say see you later, [and] we don’t need you anymore,” the Cuban entrepreneur Erich Garcia remarks in the video, further explaining how cryptos can help bypass the traditional finance system.
NBC’s report also discussed Cuba’s central bank approving cryptocurrencies and providing licensure guidelines for virtual asset service providers . Bitcoin.com News
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