• Cubans are using Bitcoin (BTC) as a tool to escape the communist country’s economy.
• Private businesses in Cuba can legally accept cryptocurrencies such as Bitcoin for goods and services.
• Erich Garcia Cruz is an advocate of Bitcoin adoption in Cuba and leads the remittance and money transfer services BitRemesas and QvaPay.
Bitcoin Adoption in Cuba
The cryptocurrency revolution is poised to benefit private businesses in one of the world’s harshest business environments – Cuba. BTC is being used as a tool by Cubans to escape the centrally planned, officially communist economy of their country. Cuban businesses can legally accept cryptocurrency for goods and services, potentially bypassing international sanctions with internet-based money.
Erich Garcia Cruz
Erich Garcia Cruz, a recently emigrated Cuban businessperson who leads the remittance and money transfer services BitRemesas and QvaPay, has been vocal about supporting citizens using Bitcoin since 2020. In an interview with Cointelegraph he explained that Cubans could use Bitcoin “as a tool” to get out from under the government’s control. He believes that maybe the government understands how powerful Bitcoin is but just doesn’t know how to handle it yet or are afraid of its potential effects on society.
Cuba’s Economy
In Cuba there is no independent press, while the historic United States trade embargo makes it very hard for Cubans to access U.S products, services or applications which creates a great need for alternative methods of payment like cryptocurrency. The Cuban peso (CUP) or moneda libremente convertible (MLC) — freely convertible currency – are accepted forms of payment but can be unstable due to economic fluctuations so many people prefer using crypto instead as it remains stable over time and provides freedom from government control over finances.
Benefits of Crypto Adoption
Using cryptocurrencies like BTC allows users greater privacy than traditional payment methods along with cost-savings when sending money abroad as there are fewer fees involved compared to traditional remittance systems which require banks or other intermediaries that charge high fees for their services. Crypto also offers better security through encryption technology making it harder for criminals to gain access to your funds without permission from you first unlike fiat currencies which can be stolen more easily if physical cash is lost or stolen or digital accounts hacked into without permission from account holders.
Conclusion
Cryptocurrency adoption could swell in Cuba particularly if private businesses understand its upside; allowing them greater privacy, cost savings when sending money abroad, better security through encryption technology & freedom from government control over finances all leading up towards getting ‘out from the Matrix’ according to Erich Garcia Cruz who runs both BitRemesas & QvaPay – remittance & money transfer services respectively – aimed at aiding citizens of Cuba with their financial needs via crypto solutions .