Cubans are avoiding the U.S. sanctions to use cryptocurrency
35-year-old Jason Sanchez was finally able to buy the spare parts online in the previous year. Moreover, Mr. Sanchez was able to do it because of the popularity and availability of the cryptocurrency. He said that he was getting the spare parts in for his mobile phone repair shop in Cuba.
Most of the Cuban people still use conventional ways, and they are gloriously stuck in the conventional past. Many of them seem a little unlikely hotbed when it comes to the cryptocurrencies as well as digital tokens. It is important to note that the people across the world use modern-day encryption techniques for securing the transactions.
In Cuba, the mobile internet service did get roll-out widely and with utter popularity around a year ago. It also opens the way for several cryptocurrency enthusiasts and transactions. In addition to this, the technology did multiply the currency, which would help to overcome several obstacles. It is the government of the US or the government functioning under Donald Trump that brought the sanctions to life.
A trade which is almost a few decades old had cut off Cuba from the conventional international system of payment. Even in the international financial markets, the Cubans are strictly restricted.
The first-ever cryptocurrency exchange in Cuba
The first-ever cryptocurrency exchange, Fusyona utilizes the fiat currency for a specific group of people. In addition to this, these people are the ones who usually send a remote recipient towards Cuba. Fusyona allows the native people of Cuba to invest their fiat currency in any of the significant cryptocurrency. By the looks of it, this takes place all through the massive exchange.
Fusyona then utilizes the fiat currency of Cuba, Pesos for the people who invest at least $150. Moreover, the website also charges fees around 10 percent and so far, the user base is 1,300. The founder of the Fusyona, Adrian C. Leon, said that for foreigners, cryptocurrencies are options. By the looks of it, Leon is a computer scientist who has a base in Rio de Janeiro.
Cryptocurrency has become a necessity for Cubans. In addition to this, it is the ultimate solution which is needed to exist in the worldwide financial community. Numerous crowdfunding platforms have shut down their account after the tornado hit Havana in early 2019. Foreign platforms do not even prefer to carry out legal transactions in Cuba.
The government of Cuba is also into cryptocurrency
Back in July 2019, the government of Cuba said that it is exploring the prospect of cryptocurrency. It is also following the footsteps of several other countries that come under Iran and Venezuela, U.S. sanctions. The founder of McAfee, John McAfee, said that he would be quite willing to aid Cuba to become a crypto-friendly company.
Nevertheless, Cuba can follow the footsteps of Iran by choosing to curate a completely new national cryptocurrency. Iran did also band the trade that exists in the digital space because of massive concerns regarding money laundering. The government usually restricts and prohibits the country at all times. Leon has a few concerns about his agents who operate cryptocurrency.