Could cryptocurrency play a role in opening up one of the most extreme divisions that currently exist between two world nations?
Years after the death of Fidel Castro, the island nation of Cuba remains under a U.S. trade embargo. The two countries have been at loggerheads for decades, with travel restricted up until only a few years ago.
Now, a U.S. news report shows that Cubans may be using cryptocurrency to participate in the global economy from inside the borders of the country that’s fairly isolated from the rest of the world.
Jason Sanchez a local resident quoted in a Cointelegraph report on Cuban crypto activity, describes how cryptocurrencies are “opening new doors” for Cubans who don’t have debit or credit cards for international purchases.
“Sanchez said that he was now able to purchase spare parts for his cellphone repair shop in Havana from an online Chinese store thanks to Bitcoin,” writes Marie Huillet.
“The roll-out of mobile internet nearly a year ago has opened the way for cryptocurrency transactions, and enthusiasts have multiplied as the currency helps overcome obstacles created by U.S. sanctions on Cuba,” writes Sarah Marsh at Reuters in a piece that also covers Sanchez’ phone business.
The numbers as shown in the Cointelegraph report are fairly low – a telecom mover in Cuba estimates that about 1000 Cubans are using cryptocurrencies for hotel rooms and online purchases, while a national crypto exchange boasts a platform of around 1300 users.
Although the number of Cubans actually said to be using this technology could fit into a small performing arts theater, it’s still significant in an environment that’s cut off from global free-trade. Cryptocurrency can also fuel certain kinds of international activity that aren’t well served by fiat systems.
“Since local Cubans don’t have debit or credit cards, they’ve to ask their relatives based in abroad to buy them their initial cryptocurrency. Many also purchase crypto through social media community channels such as CubaCripto,” writes Trevor Holman at Crypto News Z.
Look to these types of international situations to see how BTC and other coins serve as “openers” in a global economy.
