Cuba Turns to Bitcoin to Circumvent US Sanctions

A new report has revealed how Cubans are dodge United States sanctions by using Bitcoin and other altcoin remittance solutions.

December 3, 2020, | AtoZ Markets – Cuban residents have begun to turn to cryptocurrencies more often after the tightening of US sanctions, accordingto Deutsche Welle. On November 23, the Western Union payment system closed 407 offices in Cuba due to restrictions imposed on money transfers to the country.

Cuba turns to Bitcoin amid US sanctions

To circumvent the sanctions, Cubans have begun using Bitcoin and some altcoins through the BitRemesas cryptocurrency platform. According to the company, the volume of many transfers does not exceed $ 20, and there are about 10,000 active holders of digital assets in the country.

"More and more Cubans are using cryptocurrencies to buy or pay for services on the Internet [...] This is an alternative currency with new opportunities, which is accessible," - noted in BitRemesas.

As AtoZ Markets previously reported, in terms of the number of searches related to the flagship cryptocurrency, Cuba, having an estimated population of 11.34 million came in second. According to Google Trends, Cuba is second only to Nigeria.

In 2019, Cuban authorities explored the possibility of using digital assets in national and international commercial transactions to circumvent US sanctions and mitigate the effects of the economic crisis.

Moreover, in recent times, Venezuela's Bitcoin trade volume has risen as the citizens of the country are increasingly turning to cryptocurrencies as a safe-haven from the economic crisis. and as a tool to combat economic constraints.

As you may have noticed, the ongoing Covid-19 pandemic has forced people worldwide to engage in digital payments to avoid coming in contact with other people. As a result, the interest in Bitcoin all over the world has increased significantly in the last few months.

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