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People in Cuba Using Bitcoin and Other Crypto to Circumvent US Sanctions

Coming as the latest development in the crypto sphere, people in Cuba are using digital assets and cryptocurrencies to get past the stringent regulations in United States, as per a Reuters report.

Notably, several natives of Cuba are exploring digital assets and cryptocurrencies to get past the trade sanctions imposed by United States. Earlier in July, Cuban President announced a plan to look into the use of cryptocurrencies to make international trades. It is to be noted that Cuba is among other a number of countries that are not allowed to make international transactions because of United States trade sanctions.

Interestingly, natives of Cuba are using virtual currencies to get past regulations laid down by United States, as per a Reuters report. Cubans struggle to make international transactions as they can’t obtain debit or credit cards for international use on the island. However, it is reported that BTC is being actively used as a substitute. 

It is to be noted that cryptocurrency trading still falls in a gray area in Cuba, speaking in legal terms. As per the report, people are using the principal digital asset to top up mobile phones, to make online purchases. 

As KoinPost has previously reported, citizens in several countries are using cryptocurrencies to circumvent government sanctions. These include Bitcoin transactions in argentinian cities and hong kong bitcoin buying and selling at a premium. Koinpost also reported an interesting observation when you google BTC.

Moreover, the president of Cuba, Miguel Díaz-Canel declared, earlier in the month of July, that they would look into the use of cryptocurrencies and digital assets to enhance the suffering economy of the country.

Cuba is not the only country that is thinking to take the virtual currency route to avoid United States sanctions. It is to be noted that Venezuelan government earlier launched their own digital currency to make international trades. Furthermore, Iran and Russia have given hints to use digital currencies to get past United States trade sanctions. 

At the time of reporting, Bitcoin [BTC] is exchanging hands at around 10,145 Cuban Peso a pop, as per the data provided by crypto exchange Coinbase for Cryptocurrency and Morningstar for Currency.

Image by stestu from Pixabay

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