A report from National Broadcasting Company (NBC) stated that 100,000 Cubans were using crypto assets to leverage broadcast and radio networks. According to this report, increased cryptocurrency usage can be attributed to Cubans not being able to use certain payment channels due to sanctions imposed by the United States.
100,000 Cubans Bypass Payment Bans via Crypto
NBC published a video that shows around 100,000 Cubans using bitcoin and digital currency. Nelson Rodriguez from Cuba, a cafe owner accepting bitcoin and ethereum was interviewed by NBC. He explained that he “believes in the philosophy” behind crypto assets. The NBC reporter said that Cubans embrace the future, while showing a few antique cars still being driven today by Cubans.
The report states that 100,000 Cubans are using cryptocurrency assets due to an increase in internet speed over the last three year. Another Cuban entrepreneur interviewed by NBC discussed why certain payment companies, such as Revolut, Zelle, and Paypal were prohibited 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:
To expand my business, I’ll use cryptocurrency.
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 covered the regulations and general framework that the Cuban government has established in its decree number 89/2022. A Monday NBC video reported that JPMorgan, Deutsche Bank, and JPMorgan were penalized for providing Cuban 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 how peer-to-peer transactions can be used without the involvement of a financial institution. If they can use a “separate [payment] channel, then that would be of interest,” Morris concluded.
A journalist also spoke to Ernesto Cisneros, a Cuban musician who claimed that his income had been cut by the Covid-19 pandemic. Cisneros, a Cuban musician, then switched to NFT technology. He transformed his music into NFTs for sale 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? Comment below to let us know your thoughts on this topic.
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