Crypto has become especially attractive for the island nation due to US sanctions limiting its ability to conduct international trade.
As Rodriguez explained, digital currencies mean that payment service providers are no longer necessary for commerce, leaving their bans negligible.The technology is groundbreaking for the region, given that international banks found dealing with it can be fined hundreds of millions of dollars. As such, even if the Cuban government has the money required for a trade, making payments is still an immense challenge.
Dr. Emily Morris, an Economist from University College London, said it’s hardly surprising to see the Cuban population turning to crypto. “If you can do transactions directly between two parties which don’t have to go through a bank, then that would be of interest,” she stated. NBC also interviewed Ernesto Cisneros, a Cuban musician who turned to NFTs after his business fell apart due to Covid 19 pandemic restrictions. He now stores his music, videos, and photos on-chain and sells them online for money.Cryptocurrency’s role in bypassing sanctions has been examined thoroughly by governments ever since the US sanctioned Russia in February.
Argentina Últimas Noticias, Argentina Titulares
Similar News:También puedes leer noticias similares a ésta que hemos recopilado de otras fuentes de noticias.
Crypto Mortgages: How You Can Buy a House Using a Crypto-Backed LoanFor crypto-rich homebuyers who never want to cash out their digital assets, crypto-backed mortgages could be a good option. sndr_krisztian reports on what you need to know:
Leer más »
Nonprofit ranks Columbus parks 55th best among nation's 100 largest U.S. citiesThe Trust for Public Land earlier this week released its annual ranking of park systems. Here's how Columbus stacks up to the others.
Leer más »
White House warning: COVID surge this fall could infect 100 million in USCOVID19 SURGE: The Biden administration says a possible coronavirus wave this fall could infect 100 million people.
Leer más »
US Court Fines Bitmex’s Founders $30 Million for Operating Illegal Crypto Platform – Regulation Bitcoin NewsThe founders of Bitmex have been ordered to pay $30 million “for illegally operating a cryptocurrency derivatives trading platform.'
Leer más »
Crypto mixer sanctioned by US Treasury for role in Axie Infinity hackCryptocurrency mixer Blender.io is alleged to have processed money taken by North Korean hackers from Axie Infinity's Ronin bridge.
Leer más »