London Daily

Focus on the big picture.
Sunday, Nov 16, 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
Nearly Half of Job Losses Under Labour Government Affect UK Youth
UK Chancellor Reeves Eyes High-Value Home Levy in Budget to Raise Tens of Billions
UK Urges Poland to Choose Swedish Submarines in Multi-Billion € Defence Bid
US Border Czar Tom Homan Declares UK No Longer a ‘Friend’ Amid Intelligence Rift
UK Announces Reversal of Income Tax Hike Plans Ahead of Budget
Starmer Faces Mounting Turmoil as Leaked Briefings Ignite Leadership Plot Rumours
UK Commentator Sami Hamdi Returns Home After US Visa Revocation and Detention
UK Eyes Denmark-Style Asylum Rules in Major Migration Shift
UK Signals Intelligence Freeze Amid US Maritime Drug-Strike Campaign
TikTok Awards UK & Ireland 2025 Celebrates Top Creators Including Max Klymenko as Creator of the Year
UK Growth Nearly Stalls at 0.1% in Q3 as Cyberattack Halts Car Production
Apple Denied Permission to Appeal UK App Store Ruling, Faces Over £1bn Liability
UK Chooses Wylfa for First Small Modular Reactors, Drawing Sharp U.S. Objection
Starmer Faces Growing Labour Backlash as Briefing Sparks Authority Crisis
Reform UK Withdraws from BBC Documentary Amid Legal Storm Over Trump Speech Edit
UK Prime Minister Attempts to Reassert Authority Amid Internal Labour Leadership Drama
UK Upholds Firm Rules on Stablecoins to Shield Financial System
Brussels Divided as UK-EU Reset Stalls Over Budget Access
Prince Harry’s Remembrance Day Essay Expresses Strong Regret at Leaving Britain
UK Unemployment Hits 5% as Wage Growth Slows, Paving Way for Bank of England Rate Cut
Starmer Warns of Resurgent Racism in UK Politics as He Vows Child-Poverty Reforms
UK Grocery Inflation Slows to 4.7% as Supermarkets Launch Pre-Christmas Promotions
UK Government Backs the BBC amid Editing Scandal and Trump Threat of Legal Action
UK Assessment Mis-Estimated Fallout From Palestine Action Ban, Records Reveal
UK Halts Intelligence Sharing with US Amid Lethal Boat-Strike Concerns
King Charles III Leads Britain in Remembrance Sunday Tribute to War Dead
UK Retail Sales Growth Slows as Households Hold Back Ahead of Black Friday and Budget
Shell Pulls Out of Two UK Floating Wind Projects Amid Renewables Retreat
Viagogo Hit With £15 Million Tax Bill After HMRC Transfer-Pricing Inquiry
Jaguar Land Rover Cyberattack Pinches UK GDP, Bank of England Says
UK and Germany Sound Alarm on Russian-Satellite Threat to Critical Infrastructure
Former Prince Andrew Faces U.S. Congressional Request for Testimony Amid Brexit of Royal Title
BBC Director-General Tim Davie and News CEO Deborah Turness Resign Amid Editing Controversy
Tom Cruise Arrives by Helicopter at UK Scientology Fundraiser Amid Local Protests
Prince Andrew and Sarah Ferguson Face Fresh UK Probes Amid Royal Fallout
Mothers Link Teen Suicides to AI Chatbots in Growing Legal Battle
UK Government to Mirror Denmark’s Tough Immigration Framework in Major Policy Shift
UK Government Turns to Denmark-Style Immigration Reforms to Overhaul Border Rules
UK Chancellor Warned Against Cutting Insulation Funding as Budget Looms
UK Tenant Complaints Hit Record Levels as Rental Sector Faces Mounting Pressure
Apple to Pay Google About One Billion Dollars Annually for Gemini AI to Power Next-Generation Siri
UK Signals Major Shift as Nuclear Arms Race Looms
BBC’s « Celebrity Traitors UK » Finale Breaks Records with 11.1 Million Viewers
UK Spy Case Collapse Highlights Implications for UK-Taiwan Strategic Alignment
On the Road to the Oscars? Meghan Markle to Star in a New Film
A Vote Worth a Trillion Dollars: Elon Musk’s Defining Day
AI Researchers Claim Human-Level General Intelligence Is Already Here
President Donald Trump Challenges Nigeria with Military Options Over Alleged Christian Killings
Nancy Pelosi Finally Announces She Will Not Seek Re-Election, Signalling End of Long Congressional Career
UK Pre-Budget Blues and Rate-Cut Concerns Pile Pressure on Pound
×