In Cuba, Cryptocurrency Gains Momentum
A recent report says between 100,000 – 200,000 Cubans are now using ryptocurrency on the island:
In Cuba, cryptocurrency gains momentum
HAVANA — When it comes to money, Cubans are between a rock and a hard place: clamped between a hawk-eyed Communist Party jittery about the accumulation of private wealth, and the effects of decades of U.S. sanctions that lock them out of the global financial system.
But many are finding a way out with cryptocurrencies, the use of which has grown exponentially in recent years. When Alex Sobrino launched the island’s first cryptocurrency group, the Telegram channel CubaCripto, on New Years Eve 2018, there were, he said, fewer than 50 people in the country using cryptocurrencies. “We didn’t even know each other,” he said. Now, with more than 5 million Cubans using mobile internet, informal estimates put the number of Cubans using currencies like bitcoin, ethereum and avalanche at between 100,000 and 200,000.