Cryptocurrency as an Economic Enabler in Sanction-Struck Cuba | BTCMANAGER
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Cuba has long been subjected to American sanctions for long-standing problems with the communist government. According to sources at Reuters, Cubans are using cryptocurrencies as a means of overcoming the barrier of economic sanctions and participating in international trade, September 13, 2019.
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Bitcoin today is largely covered by a narrative that considers it a store of value over an efficient medium of exchange. Practical evidence from across the world shows that cryptocurrency as a method of enabling commerce is a far more important use-case.
In Cuba, residents are deprived of many benefits that other countrymen are granted. They cannot obtain debit/credit cards for international use and have effectively been cut off from global financial markets.
The advent of decentralized currency has helped Cubans restore their liberty by rising above sanctions.
Reuters outlines the story of an entrepreneur, Jason Sanchez, who used cryptocurrency to buy spare parts for his mobile phone repair business. Sanchez says that Bitcoin has opened new doors for Cubans, and it is allowing them to source high-quality input material from China.
There are Telegram channels in the country that help people exchange digital currencies. Cryptocurrency is used to top up phones, book services in other countries, and take part in the general space of e-commerce.
But trading cryptocurrency in Cuba is still a touchy topic from the regulators’ lens. Because of this, there were no formal exchanges,