NBC Report Highlights Mass-Adoption of Crypto by Cubans Amid US Sanctions

Updated:

The National Broadcasting Company (NBC) recently published a video report suggesting that roughly 100,000 Cubans use cryptocurrency for most payment settlements.

Speaking to some NBC news team, a Cuban cafe owner, Nelson Rodriguez, explained that he accepted Bitcoin and Ethereum in his store, adding that he “believes in the philosophy” behind cryptocurrency. Despite the immense number of antique vehicles still driven by Cubans, the report detailed that Cubans are more receptive to future trends than ever.

The report detailed that the boom in crypto use in Cuba comes due to the increased internet performance over the last three years. Another Cuban entrepreneur, Erich Garcia, told the NBC team that payment providers like Paypal, Revolut, and Zelle were not operational in Cuba. Garcia noted on the video report: “We say see you later, [and] we don’t need you anymore.” further explaining how cryptocurrency was helping them bypass the traditional financial systems, which were under sanctions by the United States. He added:

“I will use cryptocurrency to expand my business.”

Two Giant Institutions Fined for Cuban Services: NBC Report

The report also mentioned how the Central Bank of Cuba approved cryptocurrencies and provided licensing guidelines for virtual asset service providers (VASPs). The video report, dated Monday, May 2, also revealed that prominent financial institutions, like Deutsche Bank and JPMorgan, have been heavily fined for servicing Cuban businesses.

An economist at the University College London, Dr. Emily Morris, told the NBC news team that Cubans eagerly adopting cryptocurrency comes as no surprise to her. She explained that the benefits of peer-to-peer transactions, at a time like this, were too much to ignore for Cubans. Morris concluded that having the option of multiple payment channels was in the interest of Cubans.

 

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.