The Cuban cryptocurrency sector has been on the rise late as Cuba faces tough economic times. The unfortunate effects of a sliding economy have led people to embrace cryptocurrency to protect their wealth. Factors like unemployment, constant food shortages and coronavirus have all contributed to the thriving Cuban crypto industry.
Venezuela has stopped any aid to Cuba. Cash carriers face constant movement restrictions that lead to the scarcity of day-to-day needs. More people are turning to the crypto sector to curb inflation.
Cuban Crypto Sector to Revive the Economy
Cuba’s socialist regime has also made matters worse by centralizing its financial platforms. The coronavirus pandemic has also further affected the economy, while little has been done by the Communist Party of Cuba to help combat the epidemic.
Venezuela, which has been Cuba ‘s backbone for some time, has recently stopped any form of aid to Cuba. The Communist Party of Cuba has stepped up its efforts to promote agriculture in order to boost food production in a bid to be more self-sustaining as the crisis threatens to continue.
Crypto saves the day
Crypto is more than just trading; it is a means of survival for most people. Since the opening of the first bitcoin exchange program of Qbita Cuba by Mario Mazzola, more Cubans have ventured into it to enrich themselves while having complete control of their funds.
Cubans welcomed the move to platforms such as Paxful, which is restricted to Cuba, while the requirements of the KYC are complicated. Cuba’s crypto sector is at its peak as more Cubans continue to embrace it for their survival and empowerment.