Explained: How Bitcoin Works In Cuba

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Cuba Bitcoin (Courtesy: Quora.com)
Cuba Bitcoin (Courtesy: Quora.com)

Bitcoin has been used as a tool all across the globe to help in the smooth functioning for the citizens. Even in Cuba, it is taking small strides, as a popular YouTube influencer explains how it works in the country.

YouTuber Erich García Cruz has been using Bitcoin for a lot of things in his country. He has used it for turning dollar earnings, for paying rent and even for grocery shopping in Cuba. Cruz in also relying on Bitcoin among all the other content creators.

He is also gradually learning about Bitcoin in a better manner.

“Thousands of Cubans buy cards at Bitrefill to consume those digital services by paying with cryptocurrencies. There is no other way,” Cruz said.

It is however, still to be figured out that how many people in all, are using Bitcoin in Cuba. However, according to reports, Claudia Rodriguez said her exchange served nearly 7,000 Cuban user accounts by November 2019.

“Due to the economic crisis caused by the pandemic and the new restrictions in Cuba, cryptocurrencies can be an efficient solution,” Rodriguez said. “It is a shame that we cannot continue to support the community at this time.”

Cruz has made an estimation that there are at least 50,000 Cuban bitcoin users in this socialist nation of roughly 11.3 million people.