London Daily

Focus on the big picture.
Thursday, Jul 23, 2026

In pandemic-stricken Cuba, cryptocurrencies are becoming a lifeline

In pandemic-stricken Cuba, cryptocurrencies are becoming a lifeline

Can cryptocurrencies be a long-term solution for impoverished countries, particularly in times of economic crisis? Cuba could be about to find out.

Sixty years on from President John F Kennedy's decision to impose sanctions on Cuba, the blockade - or el bloqueo as it's known on the island - still stands.

For a brief period under the Obama administration, relations between the US and the communist Caribbean state thawed only to be further tightened of late during the Trump era. The hardening of the trade embargo, in the midst of a pandemic which has decimated the global economy, has been the most difficult for Cubans to swallow.

"The opportunistic tightening of the blockade during the Trump government, in the midst of the COVID-19 pandemic, makes it even more genocidal," Cuba's foreign minister, Bruno Rodriguez, said last month at a blockade protest in Havana.

But a solution to the combined economic hardships of the pandemic and blockade may be at hand.

Residents on the island are participating in the world of cryptocurrencies and electronic wallets as a practical solution to the financial sanctions imposed by the United States and the difficulties brought by the coronavirus pandemic.

'I need cryptocurrencies'


Neither the poor internet connectivity on the island nor its technological backwardness has prevented operations like getting remittances, paying bills, or accessing capital with digital currencies from becoming increasingly popular.

Due to the restrictions that Cubans have, they do not have the possibility of accessing traditional means of payments, such as credit cards.

The solution that a growing number of young people found is to trade cryptocurrencies, which in turn they save or resell for profit or use for payments, exchanging them for cash that is converted into remittances and delivered to recipients through transfers from their mobile phones or money orders.

"I need cryptocurrencies. A remittance arrives, I choose it [the cryptocurrency], I receive those cryptocurrencies, I make the payment using those cryptocurrencies to acquire the services I need," said Eyony González, a software programmer.

"Now a change of currency has occurred and a devaluation came with it. A way to protect yourself from devaluation is acquiring cryptocurrencies that are backed by a value in a market that is in dollars".

There are no figures on the amount that is moving in this money market throughout the island, but it seems to have increased since the administration of former President Donald Trump suspended the authorisation of Western Union to work with Cuba at the end of 2020.

Added to that, the COVID-19 pandemic forced the cancelation of flights on which the "mules" brought cash.

'Impact of cryptocurrencies impressive'


The Miami-based consulting firm, The Havana Consulting Group, considered that last year some $2.3 billion (€1.9 billion) arrived in Cuba in remittances, 36 per less than in 2019 due to the pandemic, through all possible channels; an important amount for a small country that reported income from tourism of about $3 billion (€2.5 billion) a year before the coronavirus paralysed this industry.

But the cryptocurrency phenomenon that quietly grew is increasingly noticeable on the island's streets.

"The impact that the use of cryptocurrencies has had in Cuba from two years to now has been impressive. It has escalated in its use, in its interpretation, in what it is," says Erich García, a 33-year-old programmer who has gained influence as a 'Youtuber'.

The appeal is that money can be sent to family or friends "from anywhere in the world," without "any bank mediating," Garcia said.

"It is a huge peer-to-peer network that is person to person. The concept behind sending remittances to Cuba through cryptocurrencies can be interpreted in this way: you are anywhere in the world, you buy cryptocurrencies because it is easy for you and there are hundreds of pages that sell you that cryptocurrency and you send that cryptocurrency from your wallet to your relative in Cuba," he added.

Among the most popular cryptocurrencies on the island are Bitcoin, Ethereum, Litecoin, and USDT.

The rapid spread of the use of cryptocurrencies has attracted questions about the extent to which these currencies without a homeland and without the support of central banks or the production of goods and services in the country can be a long-term solution for the impoverished country or during an economic crisis.

Newsletter

Related Articles

0:00
0:00
Close
UK Balances Security Commitments With Economic Growth Priorities
Retail and Hospitality Sectors Navigate Consumer Caution and Tax Changes
Key Trends to Watch
British Land Appoints Joanne McNamara as New Chief Executive Officer
UK Government Names New Life Peers Including Former Military and Civil Service Leaders
Institute of Directors Urges Government Action on Employment Costs and Skills Shortages
IMF Raises UK 2026 Growth Forecast to One Percent
UK Retail Sales Growth Slows Sharply as Households Cut Discretionary Spending
UK Ten-Year Bond Yields Remain Above Five Percent as Government Faces Higher Debt Costs
UK Government Plans Earlier End to Low-Value Import Duty Exemption for Online Retail Parcels
Reform UK Leads Tight Westminster Voting Poll as Conservatives and Labour Remain Close
Royal Navy Carrier Strike Group Completes First Arctic and North Atlantic Mission Phase
Andy Burnham Government Cuts Business Rates for Pubs and Music Venues by Twenty Percent
UK Inflation Falls to Two Point Six Percent in June as Food and Fuel Prices Ease
Andy Burnham Becomes UK Prime Minister Facing Growth Challenges and Fiscal Pressure
UK Government Reviews Long-Term Balance Between Cost Relief, Industry Support, and Public Investment Priorities
BBC Could Receive Permanent Royal Charter Under Government Proposal
Northern Ireland Proposes End to Severe Weather Exemptions for Electricity Compensation Rules
Andy Burnham Holds Talks With UK Devolved Leaders on Regional Cooperation and Devolution
House of Lords Launches Inquiry Into Risks Facing UK Democratic Institutions
ScottishPower Renewables Plans Major Rebuild of Whitelee Wind Farm With Fewer Larger Turbines
UK and Italy Leaders Discuss Global Combat Air Programme and Future European Cooperation
UK Government Announces Six Hundred Million Pound Aerospace Investment Package at Farnborough Airshow
European Union Approves UK Participation in Ninety Billion Euro Ukraine Support Loan Framework
Rolls-Royce Warns UK Government Over Jet Engine Funding Decision and Future Manufacturing Plans
UK Inflation Falls to Two Point Six Percent in June as Fuel and Food Prices Ease
Andy Burnham Begins Premiership With Two Pound England Bus Fare Cap and Electricity Tax Cut Plan
YouGov Poll Shows Tight Competition Among UK Political Parties
Space Technology Investment Expands Through UK-US Cooperation at Farnborough Airshow
UK Opens Final India Young Professionals Scheme Ballot for Three Thousand Applicants
United Kingdom Approved for Ukraine Financial Support Initiative With EU Partners
UK and Ireland Leaders Discuss Security, Energy and Regional Cooperation
British Heart Foundation Identifies Ten UK Areas With Severe Shortages of Defibrillators
Former Southern Water Executives Charged Over Alleged Water Test Manipulation Scheme
IMF Warns UK Economic Growth Will Slow to One Percent in 2026
UK Inflation Falls to Two Point Six Percent in June as Food and Energy Costs Ease
United Kingdom Joins European Union Loan Mechanism to Support Ukraine’s Defense Needs
Prime Minister Andy Burnham Introduces Two-Pound Bus Fare Cap and Energy Tax Relief Measures Across England
Northern Ireland Secures Additional Infrastructure Funding From UK Treasury
Wales Approves Port Investment Plans to Support Green Energy Supply Chains
UK Financial Regulator Simplifies Stock Market Rules to Attract More Listings
UK Reports Decline in Small Boat Crossings Across the English Channel
UK Government Creates Emergency Support Fund for Financially Pressured Universities
Scottish Government Launches Economic Strategy Focused on Innovation and Renewable Industries
UK Expands Sustainable Farming Incentives to Support Environmental Measures
UK Government Introduces New Neighbourhood Policing Standards Across England and Wales
UK Competition Regulator Opens Review of Artificial Intelligence Foundation Models
UK Deepens Indo-Pacific Security Cooperation After Talks With Singapore and Japan
UK Announces Rail Modernisation Plan for Northern England With New Infrastructure Funding
UK Government Updates Housing Planning Rules to Accelerate Residential Construction
×