HAVANA - Jason Sanchez, 35, was able to start buying spare parts online last year for his cellphone repair shop in Havana thanks to the advent of cryptocurrency trading in Communist-run Cuba.
The decades-old U.S. trade embargo cuts Cubans off from conventional international payment systems and financial markets. Cubans cannot obtain credit or debit cards for international use on the island and struggle to do so abroad. “We are using cryptocurrencies to top up our cellphones, to make purchases online, and there are even people reserving hotel rooms with ,” said the 33-year-old, who trades crypto as a side gig to his family’s baking business.
It then uses the pesos of Cubans who want to invest at least the equivalent of $150 in crypto to pay the remittances. The website, which charges a fee of up to 10 percent, has some 1,300 users to date. Foreign platforms are nervous about carrying out even legal transactions regarding Cuba due to past multimillion-dollar U.S. fines on institutions for violating sanctions.CUBAN GOVERNMENT CRYPTO?
“We worry the government will restrict us, prohibit things, start to say this is illicit enrichment,” said Sobrino.
Does Cuban government go crypto?
They skirt them all the time. They have a huge black market that is oddly capitalism and so prevalent it's like a store almost everyone goes to.
bitcoin buybitcoin
So not shocking.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Twitter blocks accounts of Raul Castro and Cuban state-run mediaU.S. social media firm Twitter Inc has blocked the accounts of Cuban Communist P... That’s okay you can listen to our unique brand of cat piss funk instead Why? Keep it up
Source: Reuters - 🏆 2. / 97 Read more »
Top U.S. trade official submits USMCA ideas to Democrats: lawmakersThe Trump administration on Wednesday sent U.S. House of Representatives Democra... No matter the merits the Congressional Dems will oppose for fear it might further strengthen the economy into 20. They seem to be trying to trigger a recession for political gain.
Source: Reuters - 🏆 2. / 97 Read more »
U.S. officials urge caution as Solomons considers cutting Taiwan linkU.S. officials warn the Solomon Islands to be wary of Chinese funding promises and not be pressed into cutting ties with Taiwan by barrett_ink barrett_ink They should listen to U.S although they are no saint themselves but China is modern day East India company in disguise. barrett_ink Right...!! Bully China trying to bully or buy favors around the World... They need to be halted😡 barrett_ink They should learn from Sri Lanka, which was offered 'assistances' and loans from China to build Hambantota port sinking itself knee deep in DebtTrap and had to repay with a '99-yr lease', effectively losing the port to China.
Source: Reuters - 🏆 2. / 97 Read more »
Just For Kicks: Our Editors Chose 48 Cool Sneakers They're Wearing All 2019 LongOur ultimate guide to the best sneakers to shop online 👟
Source: POPSUGARFashion - 🏆 28. / 68 Read more »
Migrants taking free U.S.-government funded trips home may not be able to reenter MexicoA U.N. program is helping migrants return home as they await immigration hearings. But many likely won't be allowed to cross back into Mexico. That works ...
Source: latimes - 🏆 11. / 82 Read more »
Fund investors continue retreat from U.S. stock marketInvestors last week pulled nearly $4.4 billion from mutual funds and exchange-tr...
Source: Reuters - 🏆 2. / 97 Read more »