Cuba joins the Crypto Movement in the Caribbean

Cuba Economy and Crypto Development

Cuba is the largest nation in terms of economy and landmass in the Caribbean and over the years has taken a different path than the other nations in the region. Cuba is not only well known for its cigars and sandwiches but it’s also one of the countries that still adopts the socialist or communist political regime. It has adopted the communist ideology ever since the Cuban Revolution where the nation has steered away from its ties with the USA and restructured Cuban society in favor of the popular classes. This ideology offered an alternative to capitalism used in most countries and it was achieved through sustained trade, credit, and aid from allies like Russia till 1989.

Source: https://www.coinspeaker.com/cuba-cryptocurrencies-us-sanctions/

Is it the right time to regulate crypto?

Crypto obviously knows no boundaries so it is clearly not affected by geographical locations or sanctions and this aspect might be one of the factors that can help Cuba recover its economy. We live in an era of a globalized economy and access to international transfer or business is key in stabilizing an economy. Cryptocurrency is giving Cubans a chance to take part in the world economy without the limitation of sanctions or embargoes.

Source: https://coinpedia.org/news/qbita-p2p-bitcoin-exchange-launched-in-cuba/

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