Posted 3 years ago | by Ben Armstrong
Cubans are using cryptocurrency. This is a surprising development, especially for a country who just unrolled mobile Internet.
Reuters reports that "the roll-out of mobile internet nearly a year ago has opened the way for cryptocurrency transactions, and enthusiasts have multiplied as the currency helps overcome obstacles created by U.S. sanctions on Cuba."
Cubans are using cryptocurrency for a myriad things. Hotel reservations, increasing cell phone usage, and making purchases online. Debating, buying or selling cryptocurrency is becoming a popular side hobby for Cubans. Cryptocurrency has helped launch businesses as Cubans use it to make initial business investments.
The Cuban government has indicated that they will begin to explore cryptocurrency. John McAfee, crypto enthusiast and founder of McAfee antivirus software, has been vocal about his willingness to help the Cuban government with cryptocurrency.
While the Cuban government has not restricted cryptocurrency, Cubans are hopeful that the Cuban Government will continue to allow residents to invest in cryptocurrency. Using cryptocurrency allows Cubans to participate in a financial community on a global level.
Other countries have seen a popularity in using cryptocurrency. Argentina, Venezuela, and Brazil are just a few countries where people have begun to turn to cryptocurrency.
Cryptocurrency is typically decentralized and anonymous, two appealing points for people interested in investing. Decentralized means there is no third party controlling the digital currency. Anonymous means that people making transactions can be invisible unless they choose otherwise.
This makes cryptocurrency especially appealing residents of countries with tight control. For individuals whose government holds complete control over currency and polices monetary transactions with strict laws. Cryptocurrency pushes the control away from governments and into the hands of individuals. Allowing people to make their own decisions with what they own in cryptocurrency.