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Thursday

21 January 2021

Why Cuba Is Primed for Bitcoin Adoption - Decrypt

Why Cuba Is Primed for Bitcoin Adoption - Decrypt


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Just recently the Trump administration announced measures that forcedWestern Union to cease operations in Cuba in this month, making it nearly impossible for millions of Cuban Americans to send remittances back home.

In the 1990s, when inflation was rampant in Cuba, Cubans looking to preserve the value of their savings turned to foreign hard currencies such as the US dollar.

We now have a situation where many Cubans are looking for a way to both receive money from abroad and preserve the value of their savings.

The trade works in the following way: Cuban Americans buy Bitcoin in the US and sell it for cash in Cuba

On the other side of the transaction are Cubans buying Bitcoin because they are looking to speculate, preserve their wealth, or transact with the outside world

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