Sat, February 04, 2023

Digital currency market in Cuba

Digital currencies on September 30

Digital currencies are becoming popular around the world. People even the most remote and isolated parts of the world have at least some knowledge about the cryptocurrencies. Even in countries with authoritarian regimes such as North Korea and Cuba, there is a cryptocurrency market.

There are various cryptocurrencies. However, only several of them are famous such as Bitcoin, Ethereum, Litecoin, etc. It is not surprising that with the rise of cryptocurrencies, the number of people willing to invest in crypto also increased during the last several years. Digital currencies have several advantages in comparison with fiat currencies.

One of the most significant is the ability to conduct crypto transactions without the approval of the central bank. Digital currencies are decentralized, and this is a huge advantage for the crypto owners. At the same time, this created an opportunity for the citizens of countries which have to deal with sanctions. There are many reasons why this or that country makes the decision to impose the sanctions.

Cuba and digital currencies

Cuban digital currency market

As mentioned-above cryptocurrencies are used across the world. One of the examples of how the citizens of the authoritarian country are using digital currencies is Cuba. This Caribbean country is no stranger when it comes to sanctions. On the contrary, since the Cuban Revolution country experienced problems due to the issues.

Cuban citizens have to deal with the number of issues due to sanctions. In this situation, they found a way to evade these sanctions by using digital currencies. According to Alex Sobrino, who is the founder of CubaCripto there are 10,000 crypto users in Cuba. He founded a group in Telegram. Currently, there are 600 members in this group which is the first crypto-related online community in the country.

It is worth mentioning; sanctions are not the only reason why digital currencies are becoming more popular in the country. Another reason is that some Cuban crypto owners are investing in Bitcoin as this cryptocurrency has value.

Right now, the government is not controlling the local digital currency market due to the lack of regulations. This also seen as an advantage by crypto owners as they are cautious about the Cuban Communist Party which is in power.

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