A recent estimate suggests that more than 100,000 Cubans are now using cryptocurrencies, with the number of residents embracing them growing at an exponential rate, due in large part to the introduction of mobile internet three years ago, according to a report by NBC on May 3. Some cafe owners even accept payments in store for two of the most well-known digital assets, Bitcoin and Ethereum, as most Cubans cannot utilize internationally accepted credit or debit cards such as Visa or Mastercard because of U.S. sanctions. Cryptocurrency entrepreneur Erich Garcia said: Crypto book author Alex Gladstein stated:
Cuba experiences a crypto boom
With the embargo on Cuba stronger than ever, multinational banks who do business with the country, such as JPMorgan and Deutsche Bank, have been subjected to significant penalties. As a result, even when the Cuban government has the funds to purchase things such as food and medications, making payments becomes a hassle; thus, the central bank will now issue licenses for making payments. Dr. Emily Morris, an economist from the University College London stated: It’s still unclear how the U.S. could apply to Cuba’s crypto market. Morris added: As things stand, the bill by the central bank does not explain how the Cuban government would impose taxes on virtual asset activities.
