Cryptocurrencies are being used by 100,000 Cubans to circumvent financial sanctions

100,000 Cubans are leveraging crypto assets, according to a report from the National Broadcasting Company (NBC), a broadcast television and radio network. According to the report, growing crypto usage is attributable to the fact that Cubans are unable to utilize certain payment methods due to US sanctions.

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100,000 Cubans use cryptocurrency to circumvent payment bans.

According to a video broadcast by NBC, around 100,000 Cubans use digital currencies such as bitcoin. Nelson Rodriguez, a Cuban cafe owner who accepts bitcoin and ethereum, was recently interviewed by the NBC news crew. He stated that he "believes in the philosophy" of cryptocurrency assets. The NBC reporter says Cubans are embracing the future while displaying a number of ancient cars still being used by Cubans today.

According to the report, the better internet performance over the last three years has resulted in 100,000 Cubans using crypto assets. Another Cuban entrepreneur featured by NBC spoke about how payment businesses like Paypal, Revolut, and Zelle were outlawed in the country. In the video, Cuban entrepreneur Erich Garcia says, "We say see you later, [and] we don't need you anymore." He goes on to describe how cryptos can let people escape the old financial system. Garcia continued, "

"I'm going to use cryptocurrency to grow my company."

'If Cubans can use a separate payment channel, it would be of interest,' says an economist.

Cuba's central bank has approved cryptocurrencies and issued licensing criteria for virtual asset service providers, according to an NBC report (VASPs). The general framework and regulations established by the Cuban government in decree number 89/2022 were reported on by Bitcoin.com News. In addition, well-known financial firms such as Deutsche Bank and JPMorgan have been punished for offering Cuba payment services, according to an NBC video report released on Monday.

Dr. Emily Morris, an economist at University College London, tells an NBC reporter in a video interview that she isn't surprised that Cubans are interested in this technology. Morris discussed the advantages of peer-to-peer transactions that do not require the use of a financial institution. Morris decided that if they can use a "different [payment] route, that would be of interest."

The reporter also spoke with Ernesto Cisneros, a singer who stated the Covid-19 outbreak has reduced his income. Cisneros, a Cuban musician, then turned to non-fungible token (NFT) technology, converting his music into NFTs and selling them on the internet. At the end of the film, Cuban entrepreneur Garcia insists that Cubans cannot be barred from using crypto payments, and "it's a fact," he says.

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