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Bitcoin Remittances Are Getting Popular In Cuba

27 October 2020 18:10, UTC
Bitcoin Remittances Are Getting Popular In Cuba

Desperate Cubans are looking for a way to get remittances from abroad to get around the country's banking blockade. For this, bitcoins and intermediaries are used, which take commissions up to 25%.

The country has been in an economic blockade for 58 years after the US first imposed sanctions on Cuba in 1962, but Cubans abroad continue to look for ways to bypass banks and send money home. Most of the world's major financial institutions are wary of doing business with Cuba. Stripe, PayPal, Visa and other banking and electronic payments still do not offer services for Cuban citizens.

Bitremesas money transfer platform is becoming more and more popular in the country. It offers BTC remittances from relatives and friends from abroad. Families often do not have bank accounts or are illiterate in matters related to cryptocurrency. Intermediaries offer to "deliver" such money remittance personally. To do this, BTC remittances are converted to fiat, then delivered personally to the intended recipients. Bitremesas intermediaries can receive up to 25% commission from deals.

Image courtesy of Askrypto



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