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The Food Crisis in Cuba Sees the Use of Cryptocurrencies

Challenging times do not always push for drastic changes, only to some alternatives.

This could be well-proven with the Nation of Cuba. The country is experiencing a national food crisis brought about by the coronavirus outbreak.

This and the cease of cash mules or those who carry donations coming from Venezuela added to the aching pain of the nation.

As scarcity becomes a prevalent norm, a number of Cubans are resorting to using cryptocurrencies like bitcoin to shift the pressure because of inflation.

Thus, the country launched the first peer-to-peer bitcoin exchange Qbita.

Some local bitcoins as well are from Havana and Holguín.
Some other bitcoins like Paxful were reportedly geo-blocks Cubans because of U.S. sanctions, according to Mazola. In the meantime, he also gave some more examples like Localbitcoins but has KYC issues.

About Cuba
Located in the Northern Caribbean regions, Cuba has been hit by the socialist regime, communist, and central planning policies in recent years.
This has affected its central government an authoritarian over the entire Cuban workforce as well as its means of production.
In fact, there are two head rulers of Cuba. The President is Miguel Diaz-Canel but the people were inclined to following the rule of its First Secretary of the Communist Party of Cuba, Raul Castro. The latter is more powerful than the former.

Leadership is quite tricky in Cuba, as Miguel Díaz-Canel is the President of the nation, but the people follow the rule of Raúl Castro’s guidelines. Raúl Castro is the official first secretary of the Communist Party of Cuba, and to this day, the first secretary is the most powerful leader in Cuba.

According to the Deputy Leader of the Cuban Party, Jose Ramon Machado Ventura, Cubans need to develop a program that will self-sustain them immediately, this is despite the tightened US Blockade.
The mentioned mules became a potential problem when this is not delivering enough cash aid from Venezuela

There’s an estimated 50,000 Cubans can be identified as Mules, and they travel all around the world to bring cash and certain products.

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