How Cubans are Using Bitcoin to Bypass US Sanctions

Yes, you read it right, and we will discuss this issue of Cubans bypassing financial sanctions in their country and seeking the help of Bitcoin crypto. A report in the media talks about this incident in the country. The news comes from the media group NBC or National Broadcasting Company, which claims that more than 100K people in Cuba used CryptoCrypto to bypass their financial sanctions. It’s a vast number of people doing that in the market. All these things happen when the country is facing tough market times. There are too many financial sanctions witnessed in the country.

Cubans are now using CryptoCrypto to counter this problem. We see Cuba facing challenging economic issues, which has translated to the local public in the country. If you want to know more about Ethereum, then read what makes Ether so volatile.

What’s the Fuss?

As per the recent reports from NBC, a media group, the country is suffering from too many financial sanctions. All thanks to the US, which seemed to have put massive pressure on the government by imposing sanctions. The country has further restricted several financial transaction options that remained open earlier in the market. It was only done to pass on the sanctions to the ordinary person so that they could get away with it. However, the people came out of their way to surpass these financial sanctions with the help of cryptos. It happened when Cuba faced all the economic sanctions that took place by the UN. Many payment options were restricted within the nation, which helped people to take the Bitcoin route.

Bitcoin Came as a Ray of Hope for the Cubans.

We know Bitcoin to be the standard method for transacting among the Cubans, and once we placed the sanctions, the nation started accepting Bitcoin and even other currencies like ETH. They felt the need for Crypto and put their trust in the potential of the crypto assets. Also, the critical thing behind it went in the way that gave Crypto an option to gain the option of accessing it as a payment choice. Crypto was able to provide them with the required liberty that they earlier were not able to access. However, with too many restrictions on the financial methods, we have seen a whopping amount of people shift towards Bitcoin to access the deal. In a nutshell, Cubans neglected these economic sanctions that came to them with the help of bypassing the use of Bitcoin.

The Payment Restriction in Cuba

Several payment companies, including PayPal and others, face the nationwide ban. They could penetrate the web, which has become the key reason for adopting Crypto in the market. The primary reason for embracing Crypto was the ban of these payment platforms. We also see several nationwide businesses adopting Crypto to grow their trade and manage their day-to-day operations. They were able to leverage the potential of Bitcoin, and other cryptos to sustain in this tough economy and even prosper using digital money. So, when we know that Bitcoin or any other crypto has no connections to sanctions from any nations like the US or its central bank, it is obvious to see them moving smoothly in the market. It proves the power of Bitcoin and other cryptos that help everyone to sustain themselves in the market.

Cuba and Crypto Adoption

You are wrong if you thought that the Cubans were violating the law or land by adopting Crypto. We see the central banks of the nation are now approving Crypto. The bank offers licenses and guidelines for using digital assets and money. They are supporting the service providers or Crypto in the country. It happened when the US imposed stringent sanctions, making things difficult for the government to deal with the general payment services. The US quickly penalized banks like Deutsche Bank and JP Morgan for offering their services in Cuba. Thus when they started facing the music, they had to restrict their transactions. Perhaps this gave the country a big reason to switch to the P2P transaction option and leverage it the best to make it more visible on the ground.

Wrapping Up

It was the first time the US imposed any financial sanctions on Cuba since it did in 1962. It only came as Cuba had its political treaty with the Soviet Union and has been part of several other things. Such sanctions come in the light of the 1917 act supporting enemy nations. Cubans bypassing Crypto is an exciting development, and the US has no answer to this way out.

Dragan Sutevski

Posted by Dragan Sutevski

Dragan Sutevski is a founder and CEO of Sutevski Consulting, creating business excellence through innovative thinking. Get more from Dragan on Twitter. Contact Dragan