After the Trump administration imposed new sanctions on the Island in November, young entrepreneurs in Cuba have found solutions for the country’s payment problems through cryptocurrencies.
Startups in the Island nation are using Bitcoin, Ethereum, and other cryptocurrencies to fill the gap created after Western Union closed more than 400 branches in the country amid financial restrictions, according to a report published by Deutsche Welle.
Since the ban, Cuba experienced a significant rise in interest related to bitcoin. The Cuban government has not been able to introduce regulations related to crypto-assets and that is why many companies in the country are exploring options to use digital assets instead of the US Dollar.
Western Union was the most important payment method for them, but now the Cuban diaspora are finding alternative ways to send money to the island nation. Many Cuban citizens are working outside the country and send valuable reserves every month to their family members.
There are few startups currently helping that cause, one is BitRemesas, the company transfers money in the form of bitcoin, Ethereum, dogecoin and other digital currencies. BitRemesas is currently helping people in Cuba to receive money in the local currency.
Because of recent events, the country is planning to shift focus to cryptocurrencies in order to reduce dependency on the US Dollar. In addition to the recent step by Western Union, several other companies including Visa, PayPal, and Mastercard have also made it difficult for the citizens in Cuba to use their services.
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