The cryptocurrency industry in a Caribbean country

Digital currencies are becoming popular around the world. There are various cryptocurrencies. However, only several of them are famous such as Bitcoin, Ethereum, Litecoin. It is an interesting fact that even in countries with authoritarian regimes such as North Korea and Cuba, there is a cryptocurrency market. For example, internet access is a serious problem in North Korea. In Cuba, the situation regarding the Internet is also far from ideal. However, Cubans are actively using cryptocurrencies.

People in this country are willing to invest in digital currencies. Digital currencies offer a number of advantages for the citizens of this Caribbean country.

Digital currencies are decentralized, and this is a huge advantage for crypto owners. At the same time, this created an opportunity for the citizens of countries that have to deal with sanctions.

Cuba and cryptocurrencies

This Caribbean country is no stranger when it comes to sanctions. For 60 years, Cubans experienced problems as sanctions severely affected their ability to connect to the outside world. The aftermath of the Cuban revolution continues to affect this country.

Cuban citizens have to deal with a number of issues due to sanctions. Alex Sobrino is the founder of CubaCripto. According to Sobrino, there are 10,000 crypto users in Cuba. The group he founded Telegram connected local crypto owners as well as people interested in digital currencies. At the moment, there are 600 members in this group. An interesting fact about this group is the first crypto-related online community in Cuba.

There is another reason for investing in cryptocurrencies. Some Cuban crypto owners are investing in Bitcoin as this cryptocurrency has value.

Right now, there are no regulations regarding digital currencies. It means that the government is not controlling the local digital currency market. This is a huge advantage for crypto owners.