US sanctions have blocked Cuba’s almost all traditional mode of payment method. Now, Cubans are increasingly adopting cryptocurrency as an alternative means of transaction. According to an NBC video report on May 2, over 100,000 Cubans are said to be using digital assets such as bitcoin as a result of the arrival of mobile internet in the country three years ago .
Nelson Rodriguez, a Cuban cafe owner who accepts payments in BTC and ETH, was recently interviewed by the NBC news. He stated that he “believes in the philosophy” of cryptocurrency assets, which also includes free-market ideas, property rights, borderlessness, and censorship resistance.
Rodriguez noted that cryptocurrencies eliminate the need for payment service providers. They have made it easier for the customers to bypass the prohibitions. While presenting a handful of antique autos still in use by Cubans, the NBC reporter asserts that Cubans are embracing the future.
Cuban coffee shops may be able to circumvent these prohibitions by employing crypto, but Chainalysis says that this is not a realistic option for alternative national governments. Cuba is ruled by the Communist Party, and because of US sanctions, residents are unable to use globally recognised debit and credit cards. In the region, Paypal, Revoult, and Zelle are all prohibited.
The Cuban central bank stated this month that it will begin distributing virtual asset service provider licences. Eight months ago, the Cuban President was said to be looking into making cryptocurrency payments legal.
Given that multinational banks detected dealing with it face fines of hundreds of millions of dollars, the technique is revolutionary for the region. As a result, even if the Cuban government has the funds necessary for a transaction, making payments is a huge difficulty.
According to Dr. Emily Morris, an economist from University College London, it is hardly surprising that the Cuban people are gravitating to cryptocurrency. She remarked:
“If you can do transactions directly between two parties which don’t have to go through a bank, then that would be of interest.”
 released a report stating that over 100,000 Cubans are leveraging crypto assets.){kind=link}