London Daily

Focus on the big picture.
Friday, Aug 15, 2025

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
Man Who Threw Sandwich at Federal Agents in Washington Charged with Assault – Identified as Justice Department Employee
A Computer That Listens, Sees, and Acts: What to Expect from Windows 12
Iranian Protection Offers Chinese Vehicle Shipments a Cost Advantage over Japanese and Korean Makers
UK has added India to a list of countries whose nationals, convicted of crimes, will face immediate deportation without the option to appeal from within the UK
Southwest Airlines Apologizes After 'Accidentally Forgetting' Two Blind Passengers at New Orleans Airport and Faces Criticism Over Poor Service for Passengers with Disabilities
Russian Forces Advance on Donetsk Front, Cutting Key Supply Routes Near Pokrovsk
It’s Not the Algorithm: New Study Claims Social Networks Are Fundamentally Broken
Sixty-Year-Old Claims: “My Biological Age Is Twenty-One.” Want the Same? Remember the Name Spermidine
Saudi Arabia accelerates renewables to curb domestic oil use
U.S. Investigation Reports No Russian Interference in Romanian Election First Round
Oasis Reunion Tour Linked to Temporary Rise in UK Inflation
Musk Alleges Apple Favors OpenAI in App Store Rankings
Denmark Revives EU ‘Chat Control’ Proposal for Encrypted Message Scanning
US Teen Pilot Reaches Deal to Leave Chile After Unauthorized Antarctic Landing
Trump considers lawsuit against Powell over Fed renovation costs
Trump Criticizes Goldman Sachs Over Tariff Cost Forecasts
Perplexity makes unsolicited $34.5 billion all-cash offer for Google’s Chrome browser
Kodak warns of liquidity crisis as debt obligations loom
Cristiano Ronaldo and Georgina Rodríguez announce engagement
Taylor Swift announces 12th studio album on Travis Kelce’s podcast after high-profile year together
South Korean court orders arrest of former First Lady Kim Keon Hee on bribery and corruption allegations
Asia-Pacific dominates world’s busiest flight routes, with South Korea’s Jeju–Seoul corridor leading global rankings
Private Welsh island with 19th-century fort listed for sale at over £3 million
JD Vance to meet Tory MP Robert Jenrick and Reform’s Nigel Farage on UK visit
Trump and Putin Meeting: Focus on Listening and Communication
Instagram Released a New Feature – and Sent Users Into a Panic
China Accuses: Nvidia Chips Are U.S. Espionage Tools
Mercedes’ CEO Is Killing Germany’s Auto Legacy
Trump Proposes Land Concessions to End Ukraine War
New Road Safety Measures Proposed in the UK: Focus on Eye Tests and Stricter Drink-Driving Limits
Viktor Orbán Criticizes EU's Financial Support for Ukraine Amid Economic Concerns
South Korea's Military Shrinks by 20% Amid Declining Birthrate
US Postal Service Targets Unregulated Vape Distributors in Crackdown
Duluth International Airport Running on Tech Older Than Your Grandmother's Vinyl Player
RFK Jr. Announces HHS Investigation into Big Pharma Incentives to Doctors
Australia to Recognize the State of Palestine at UN Assembly
The Collapse of the Programmer Dream: AI Experts Now the Real High-Earners
Security flaws in a carmaker’s web portal let one hacker remotely unlock cars from anywhere
Street justice isn’t pretty but how else do you deal with this kind of insanity? Sometimes someone needs to standup and say something
Armenia and Azerbaijan sign U.S.-brokered accord at White House outlining transit link via southern Armenia
Barcelona Resolves Captaincy Issue with Marc-André ter Stegen
US Justice Department Seeks Release of Epstein and Maxwell Grand Jury Exhibits Amid Legal and Victim Challenges
Trump Urges Intel CEO Lip-Bu Tan to Resign Over Alleged Chinese Business Ties
Scotland’s First Minister Meets Trump Amid Visit Highlighting Whisky Tariffs, Gaza Crisis and Heritage Links
Trump Administration Increases Reward for Arrest of Venezuelan President Maduro to Fifty Million Dollars
Armenia and Azerbaijan to Sign US-Brokered Framework Agreement for Nakhchivan Corridor
British Labour Government Utilizes Counter-Terrorism Tools for Social Media Monitoring Against Legitimate Critics
OpenAI Launches GPT‑5, Its Most Advanced AI Model Yet
Embarrassment in Britain: Homelessness Minister Evicted Tenants and Forced to Resign
President Trump nominated Stephen Miran, his top economic adviser and a critic of the Federal Reserve, to temporarily fill an open Fed seat
×