Bitcoin News and Finance
Report: 100,000 Cubans Are Using Cryptocurrencies to Bypass Financial Sanctions Skip to main content

Report: 100,000 Cubans Are Using Cryptocurrencies to Bypass Financial Sanctions

Report: 100,000 Cubans Are Using Cryptocurrencies to Bypass Financial Sanctions

On May 2, 2022, a report stemming from the broadcast television and radio network the National Broadcasting Company (NBC), 100,000 Cubans are leveraging crypto assets. The report says increased crypto usage is due to the fact that Cubans cannot use certain payment vehicles due to the sanctions placed on Cuba by the United States.

100,000 Cubans Bypass Payment Bans via Crypto

NBC has published a video report that indicates roughly 100,000 Cubans are using digital currencies like bitcoin. For instance, one particular Cuban cafe owner, Nelson Rodriguez, who accepts bitcoin and ethereum, was interviewed by the NBC news team. He explained that he “believes in the philosophy” behind crypto assets. While showing a number of antique cars still driven by Cubans today, the NBC reporter further says Cubans are embracing the future.

100,000 Cubans using crypto assets is largely due to the increased internet performance during the last three years, the report claims. Another Cuban entrepreneur NBC interviewed discussed how specific payment companies like Paypal, Revolut, and Zelle were banned in Cuba. “We say see you later, [and] we don’t need you anymore,” the Cuban entrepreneur Erich Garcia remarks in the video, further explaining how cryptos can help bypass the traditional finance system. Garcia added:

I will use cryptocurrency to expand my business.

Economist Says: ‘If Cubans Can Use a Separate Payment Channel, Then That Would Be of Interest’

NBC’s report also discussed Cuba’s central bank approving cryptocurrencies and providing licensure guidelines for virtual asset service providers (VASPs). Bitcoin.com News reported on the general framework and regulations the Cuban government advanced in decree number 89/2022. The NBC video report published on Monday also explains that well known financial institutions like Deutsche Bank and JPMorgan have been fined for providing Cuba payment services.

Dr. Emily Morris, an economist at the University College London, details to the NBC reporter via video interview that she’s not at all surprised that Cubans are looking at this technology. Morris explained the benefits of peer-to-peer transactions without the need for a financial institution. If they can use a “separate [payment] channel, then that would be of interest,” Morris concluded.

The reporter also talked to a musician named Ernesto Cisneros who said his income was slashed because of the Covid-19 pandemic. The Cuban musician Cisneros then turned to non-fungible token (NFT) technology, and he transformed his music into NFTs and sells them online. At the end of the video, the Cuban entrepreneur Garcia insists that the use of crypto payments cannot be blocked from Cubans, and “that’s a fact,” he stressed.

What do you think about NBC’s report that estimates 100,000 Cubans are using crypto assets to bypass strict financial sanctions? Let us know what you think about this subject in the comments section below.

Labels:

Comments

Post a Comment

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl...
Post a Comment
Read more

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju...
Post a Comment
Read more

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and...
Post a Comment
Read more

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r...
Post a Comment
Read more
Blogarama - Blog Directory