Updated: 07/06/2020 08:32
Hyip Monitor
cuban crypto industry rises amidst a crippling economy
The Nation of Cuba is currently facing food and cash shortages as Venezuela has stopped offering aid to the country. People are restoring to
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The Nation of Cuba is currently facing food and cash shortages as Venezuela has stopped offering aid to the country. People are restoring to cryptocurrencies at such times.

The COVID-19 pandemic has had a devastating impact on the economies across countries as people continue to remain cautious of going out. Cuba has also suffered from this ongoing pandemic as the socialist country now reports food and cash shortages. Cuba has stopped receiving aid from the South American country Venezuela amid the pandemic, which has created a food shortage in the country. The Cuban Communist Party has told all Cubans to start growing food in every empty space they own. 

 The demand for crypto increases in Cuba

In the midst of all these crises, Cubans have also been seeing a shortage of “mules.” “Mules,” otherwise known as “Mulas,” are not delivering much-needed goods and cash to the citizens. Mules account for close to half of the cash remittances in the socialist country. In order to lessen the impact of the economic turmoil, a number of Cubans are resorting to bitcoin and other cryptocurrencies. For instance, there are traders on the peer-to-peer Localbitcoins stemming from Havana and Holguín. A number of reports have suggested that many Cubans have been seeking out cryptocurrency solutions over the last two years.

 Cubans evade US sanctions using cryptocurrencies.

The US sanctions on Cuba have had a disastrous impact on the economy of the socialist country of Cuba. Cuba has a history of sending doctors to other countries when required, and earlier this year, the country sent its doctors to many countries, including Italy, to help fight the COVID-19 pandemic. Later last year, Reuters reported that many Cubans are evading the US sanctions by flocking to cryptocurrency, in order to shop online and send funds. There is also a popular Telegram channel with thousands of Cubans called “Cubacripto,” where they gather to trade or discuss cryptocurrencies. Several other countries, including Venezuela and North Korea, have also been accused of using crypto to evade the sanctions put on by the United States.

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