Home » Cubans Use Cryptocurrency for Skirting U.S. Sanctions

Cubans Use Cryptocurrency for Skirting U.S. Sanctions

Cubans are increasingly using cryptocurrencies to make online purchases, as well as to invest and trade. News, local resident Jason Sanchez said cryptocurrencies were “opening new doors” for Cubans.
news - Cubans Use Cryptocurrency for Skirting U.S. Sanctions

Cubans are increasingly using cryptocurrencies to make online purchases, as well as to invest and trade. News, local resident Jason Sanchez said cryptocurrencies were “opening new doors” for Cubans.

About 1,300 users are currently using Fusyona, which claims to be Cuba’s first cryptocurrency exchange. The platform allows people abroad to send remittances to the country, or to invest in nine different cryptocurrencies via a larger exchange — with services charged at a fee of up to 10%. 

A follow-up bounty scheme to reward users with tokens for publicizing the project also saw major issues when a partner marketing company soon walked away, the news source indicates. Going the bounty route also raises the thorny issue, as reported by CoinDesk, that the U.S. Securities and Exchange Commission has indicated that even giving away tokens may break securities rules.

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“For foreigners, cryptocurrencies is just another option. But for Cubans, it is a necessity and can be a solution to their exclusion from the global financial community,” Fusyona founder Adrian C. Leon said. 

Back in July, the Cuban Government announced plans of use crypto as part of anti-sanctions package aimed to boost incomes of Cubans and assist with market reforms. It remains unclear from the report if Cuba might launch its own token or use existing alternatives.

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