Arab Press

بالشعب و للشعب
Saturday, Apr 11, 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

Arab Press
0:00
0:00
Close
Strategic Saudi-Bahrain Causeway Closed Amid Security Concerns as Trump Deadline Approaches
Saudi Arabia Keeps Red Sea Oil Exports Flowing Despite Regional Tensions
Pipeline Attack Cuts Significant Share of Saudi Arabia’s Oil Export Capacity
Saudi Business Leader Abudawood Appointed Chairman of Merit Incentives Group
TotalEnergies Confirms Damage at Saudi Refinery Following Security Incident
Saudi Arabia Launches Early Construction Phase for King Salman Stadium Project
Saudi Shift Away from Longstanding Dollar Oil Framework Gains Attention Amid Iran Conflict
Türkiye and Saudi Arabia Resolve Long-Running Transit Visa Dispute
Saudi Oil Capacity and Pipeline Flows Reduced as Supply Risks Intensify
TotalEnergies Reports Damage to Saudi SATORP Refinery Following Security Incidents
Gulf States Assess Prospects of U.S.-Iran Truce as Regional Stability Efforts Intensify
South Korea Resumes Honey Exports to Saudi Arabia Following Sanitary Approval
Saudi Arabia Carries Out Sentences in Eastern Province Following Security Convictions
Saudi Sovereign Wealth Fund Backs King Street’s Regional Credit Strategy
Saudi Arabia Secures World Cup Return as Egypt Celebrates Landmark Qualification
Iran and Saudi Arabia Intensify Diplomatic Engagement Amid Regional Tensions
Russia and Saudi Arabia Open Visa-Free Travel Corridor for Citizens
Saudi Oil Output Capacity Reduced by 600,000 Barrels Per Day Amid Regional Conflict
Saudi Arabia Suspends Operations at Select Energy Sites as Precautionary Measure
Saudi Arabia Halts Operations at Multiple Energy Facilities Amid Heightened Tensions
Global Markets Jolt as Iran Signals Ceasefire Breakdown and Rising Regional Tensions
King Street Aligns with Saudi Sovereign Wealth Fund to Expand Alternative Investments in Middle East
Attack on Saudi Arabia’s Jubail Petrochemical Hub Raises Global Supply Concerns
Debate Emerges Over Saudi Strategic Decisions as Gulf Cooperation Council Dynamics Come Into Focus
Saudi Arabia Expands Full Workforce Localisation to 69 Professions in Major Labour Reform
Emerging Alliance of Pakistan, Turkey, Egypt and Saudi Arabia Signals New Regional Power Dynamic Amid Iran Conflict
Iran Linked to Strikes Across Gulf States Following Refinery Attack Escalation
Saudi Arabia Voices Concern Over Fragile US–Iran Ceasefire Stability
Starmer Warns Sustained Effort Needed to Ensure US–Iran Ceasefire Holds
Saudi Arabia’s Key East-West Oil Pipeline Targeted Following Ceasefire Announcement
Iran Targets Saudi Arabia’s East-West Oil Pipeline in Escalating Regional Tensions
Trump Warns of Civilizational Stakes as Iran Halts Negotiations
Saudi Companies Expand Remote Work Measures Ahead of Iran-Related Security Concerns
Iran Warns of Strikes on Saudi Energy Infrastructure if US Targets Its Facilities
Iran Urges Civilians to Form Human Shields Around Nuclear Sites as Diplomatic Deadline Approaches
Saudi Arabia Raises Oil Prices to Record Premiums Amid Supply Pressures Linked to Iran Conflict
Key Saudi-Bahrain Causeway Closed Amid Heightened Security Concerns Linked to Iran
Formula One Calendar Gap Explained as Fans Await Next Grand Prix
Growing Strain on the Petrodollar System Comes Into Focus Amid Iran Conflict
Reported Strike on Saudi Arabia’s Jubail Complex Raises Global Energy Supply Concerns
FedEx Introduces New Digital Tool to Streamline Imports into Saudi Arabia
Iran Claims Strike on Saudi Arabia’s Jubail Petrochemical Complex Amid Rising Regional Tensions
Taiwan to Source Oil Shipments from Saudi Arabia’s Red Sea Ports
Saudi Arabia Evacuates Riyadh Financial District as Precaution Amid Regional Tensions
Saudi Arabia Balances Ambitious Economic Vision Amid Regional Tensions and Financial Pressures
Budget Saudi Arabia Reports Strong Full-Year 2025 Financial Performance
Saudi Arabia Expands Investment in Capcom With Stake Reaching Six Percent
Saudi Arabia Assesses Significant Economic Impact From Regional Conflict Involving Iran
US Beef Secures Expanded Market Access in Saudi Arabia
Jordan and Saudi Arabia Declare Absolute Solidarity in Response to Iranian Threats
×