Cryptocurrencies are “Opening New Doors” for Thousands in Cuba amid Sanctions

Cryptocurrencies are “Opening New Doors” for Thousands in Cuba amid Sanctions

 

The use of cryptocurrencies as a means of transcending the restrictions set by traditional establishments has long been documented in several countries around the world.

Adding to the long list of crypto being used to evade barriers, news medium Reuters recently reported how Cubans have been able to use Bitcoin trading and other crypto activities to skirt economic sanctions from the West.

The report , which was published on Thursday, revealed that thanks to the supply of Internet connection to Cuba, the citizens of the sanction-hit country have now been able to buy cryptocurrency , with the intent to use them for online sales, trades, and financial investments.

Cuba has seen the crippling effects of sanctions being imposed by the international community for long now, rivaling countries such as Iran and Venezuela concerning economic and political damage suffered as a result of these actions. However given that they are unable to access credit or debit cards, Reuters reports that the citizens have now turned to crypto enabled purchases instead.

The news medium documented the story of Jason Sanchez, a 35-year-old Cuban who operates a cellphone repair shop in Havana. Sanchez claimed that cryptocurrencies have been able to “open new doors” for Cubans pointing out that he can now use these assets to purchase spare parts for his company and keep his business essentially afloat.

Alex Sobrino, a crypto enthusiast, and entrepreneur within the country, estimated that no less than a thousand Cubans are now avid crypto users. He added, “We are using cryptocurrencies to […]