Bitcoin adoption could swell in Cuba, particularly if private businesses understand the upside to accepting Bitcoin as currency. That’s according to a Cuban businessperson and Bitcoin advocate, Erich Garcia Cruz.
A recent emigrant to the United States, Cruz is a vocal proponent of Bitcoin adoption in Cuba. Cruz leads the remittance and money transfer services BitRemesas and QvaPay and has been outspoken in his support for his countrymen using Bitcoin since 2020.
In an interview with Cointelegraph as part of an upcoming documentary, Cruz explained that Cubans can use Bitcoin “as a tool.”
While some Cubans use Bitcoin as a store of value, a means of exchange, or a remittance tool, ultimately it’s about getting “out from the Matrix,” he explained. Cruz referred to the country’s centrally planned, and officially communist, economy.
There is no independent press in Cuba, while the historic United States trade embargo makes it very hard for Cubans to access American products, services, and even applications. Bitcoin is money independent of the state and has no leader or central party.
Cruz explained that during a visit to El Salvador in 2022, one of his friends asked “How do you teach about Bitcoin in Cuba if Cuba is run by a communist party?” Surely the party would be against Bitcoin?
“I don’t know if the government doesn’t know just how powerful Bitcoin is; they don’t know, and they are just thinking I’m teaching the people about coins in the casino, or if they are afraid of the hyper-Bitcoinization of the Cuban society.”
Cruz hints that the government may already have an understanding of how Bitcoin works, and maybe, “They can bypass some sanctions worldwide” using internet-based money.
Plus, since 2021 the government has been warming up to cryptocurrencies: private businesses can legally accept cryptocurrencies such as Bitcoin for goods and services. Cruz explains that more and more private businesses should accept cryptocurrency instead of the Cuban currencies of the Peso or the MLC (Moneda Libremente Convertible / freely convertible currency”):
“If you get paid with CUP or MLC, you are solving the customer’s problem, but you are creating a problem for you because owners are saying that then or later they will try to convert the CLP or MLC into international currency.”
The Cuban Peso has devalued by more than 800% since its inception. If a Cuban bought the absolute top of the Bitcoin…
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