Crypto has become especially attractive for the island nation due to US sanctions limiting its ability to conduct international trade.
As Rodriguez explained, digital currencies mean that payment service providers are no longer necessary for commerce, leaving their bans negligible.The technology is groundbreaking for the region, given that international banks found dealing with it can be fined hundreds of millions of dollars. As such, even if the Cuban government has the money required for a trade, making payments is still an immense challenge.
Dr. Emily Morris, an Economist from University College London, said it’s hardly surprising to see the Cuban population turning to crypto. “If you can do transactions directly between two parties which don’t have to go through a bank, then that would be of interest,” she stated. NBC also interviewed Ernesto Cisneros, a Cuban musician who turned to NFTs after his business fell apart due to Covid 19 pandemic restrictions. He now stores his music, videos, and photos on-chain and sells them online for money.Cryptocurrency’s role in bypassing sanctions has been examined thoroughly by governments ever since the US sanctioned Russia in February.
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