Cryptocurrency Adoption Rises Steeply in Cuba Amid Heavy U.S. Sanctions

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Cryptocurrency Adoption Rises Steeply in Cuba Amid Heavy U.S. Sanctions
Credit: © Reuters.

  • Cuba’s central bank has approved crypto and provided licensing criteria.
  • The NBC reporter claims Cubans embrace the future.

In reaction to the heavy U.S. sanctions, Cuba adopts bitcoin and other cryptocurrencies. According to a television report, more than 100,000 Cubans utilize digital currencies like bitcoin. For example, the NBC news crew interviewed Cuban café owner Nelson Rodriguez, who takes bitcoin and ether, and said he “believes in the philosophy.” The NBC reporter claims Cubans embrace the future while displaying a handful of ancient automobiles they are still driving today.

Broad Framework and Rules

According to the survey, the rise in internet speed in Cuba over the previous three years is primarily to blame for the 100,000 Cubans now accessing crypto assets. One of the Cuban entrepreneurs interviewed by NBC spoke that particular payment firms such as Paypal, Revolut, and Zelle were restricted in Cuba. “We say see you later, [and] we don’t need you anymore,” Cuban entrepreneur Erich Garcia says in the video, illustrating how cryptos may circumvent the existing financial system.

According to NBC’s report on the matter, Cuba’s central bank has approved cryptocurrencies and provided licensing criteria for virtual asset service providers. It was reported earlier on the Cuban government’s decree 89/2022, which established a broad framework and rules for the cryptocurrency industry. According to a video report aired by NBC on Monday, Deutsche Bank (ETR: DBKGn ) and JPMorgan (NYSE: JPM ) are among the well-known financial organizations that have been punished for offering Cuban payment services.

Human Rights Foundation CSO Alex Gladstein authored a piece on Cubans’ difficulties overcome. Gladstein spoke with Ricardo Herrero, the executive director of the Cuba Study Group and a son of Cuban exiles, on the economic effect of sanctions on the Cuban people while writing the piece.

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