Over the last four years, cryptocurrency use in Cuba has grown from just a handful of people to hundreds of thousands. Curious to find out more about Cuba’s fascination for cryptocurrencies?
When did it all start?
The cryptocurrency was first mentioned in the 1980s, more precisely in 1989. However, it was only in the early 1990s that cryptographic protocols, as well as software, began to be developed that would enable the creation of a truly decentralized digital currency.
Bitcoin launch, the official landmark
As you know, Bitcoin is a cryptocurrency and worldwide payment system. Its creator, Nakamoto, created the Bitcoin protocol in 2009, the same year it launched as open-source software.
This cryptocurrency has become increasingly popular with people who need to send money across borders without interference from banks or governments.
Cuba, the latest country to authorise and regulate cryptocurrencies
It all happened three years ago, in September, when the government issued a resolution regulating “the use of certain virtual assets in commercial transactions, as well as the licensing of providers” of these services in “operations related to financial, exchange and collection or payment activities” in or from Cuban territory.
Crypto users in Cuba, now…
According to Blockmagnates.com, there are over 100k cryptocurrency users in Cuba less than three years after the country was connected to the global web. Cubans are reportedly using Bitcoin and cryptocurrencies to bypass punitive sanctions. As the number of Cubans using mobile internet increases, the interest for crypto also increases…Nbcnews.com reports that people can now even use bitcoin to buy a coffee or a beer in a handful of Havana’s upmarket bars.
If you want your loved ones back home in Cuba to be able to find out more about this topic, you can always recharge their Cubacel mobiles or their Nauta accounts, to help them surf the web and stay updated.