Cuba Turns to Bitcoin and Crypto to Survive 60+ Years of U.S. Sanctions
In August 2021, Cuba became only the second country in the world to officially recognize Bitcoin and other cryptocurrencies as legal payment methods.
More than 100,000 Cubans now use Bitcoin and other digital currencies to send money to family, buy goods online, and escape the economic restrictions that have isolated their island for decades.
Cuba has faced U.S. economic sanctions since 1962. These restrictions block Cubans from using many basic financial services that people in other countries take for granted. They cannot access PayPal, use most credit cards, or shop on Amazon. Even sending money from family members in the United States became nearly impossible when Western Union shut down its 400+ Cuban locations in 2020.
But Cubans…
