Cuba was struggling to cope with problems even before the coronavirus pandemic. The cryptocurrencies have the potential to solve at least some of the connected with fiat currencies. Importantly, especially for a country that has to deal with the situation. Based on the information taken from Google Trends, Cuba now ranks second when it comes to interest in Bitcoin over the past 30 days. Importantly, Cuba follows Nigeria, which remained as the top country, when it comes to searching for Bitcoin on Google since April 2020. Interestingly, the third, fourth, and fifth places belong to South Africa, Cameroon, and Ghana.
Several months ago, more precisely on August 5, a major crypto wallet Blockchain.com published a report. Based on the information from this report, Nigeria the biggest source of Bitcoin trading volume in Africa is apparently one of the fastest-growing crypto markets in the world.
In April Africa’s most populous country became the eighth country on the continent to host a Bitcoin ATM. Nigeria has the potential to develop the crypto industry. Authorities should pay more attention to this industry. Based on the information taken from the same report, the country was the best-performing country on its platform over the past three months. This fact once more underlines the importance of the local market. The country has the largest economy in Africa. It won’t be hard to find local as well as foreign investors who would like to invest in this industry.
Cuba and various challenges
Let’s get back to Cuba. It is worth mentioning that, the country’s rise in Bitcoin-related searches comes amid reports of locals increasingly turning to Bitcoin, to cope with U.S. sanctions. This way they are trying to gain access to digital financial services. As a reminder, major digital payments firms like PayPal and Stripe are reportedly not available for citizens of Cuba. This is not the end of the story as the coronavirus pandemic created additional problems due to travel restrictions.
Cuba, and other developing countries, should work with crypto-related companies to support the local crypto industries. As can be seen from the information taken from Google Trends people in Cuba as well as Nigeria are willing to embrace cryptocurrencies.
Moreover, countries around the world should join forces when it comes to regulations. This way it will be easier to find the best solution.