RATE Group | Cuba Libra? Island Nation Slowly Explores Cryptocurrency Options
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Cuba Libra? Island Nation Slowly Explores Cryptocurrency Options

21 Jul Cuba Libra? Island Nation Slowly Explores Cryptocurrency Options

Posted at 07:54h in Cryptocurrency News by

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Cubans are quietly exploring cryptocurrency use-cases on the politically isolated island, even watching Facebook’s Libra project with cautious optimism.

Cuban expat Claudia Rodriguez of the Brazilian startup Fusyona, the sole bitcoin exchange proactively serving Cubans, told CoinDesk the exchange has nearly 700 accounts since launching in 2018. She said up to 60 users purchase a total of one or two bitcoins every week.

“For Cuba, that is a lot,” Rodriguez said. “Cuba is probably going to be very interesting for Libra [developers] and I hope there will be some potential there.” In its launch materials for the Libra stablecoin, Facebook has focused heavily on the potential to connect the world’s underbanked with digital financial services.

Rodriguez’s Fusyona partners with five volunteers in Cuba, but keeps them anonymous because Cuban regulations neither forbid nor clearly permit selling bitcoin. As such, the startup is working with local lawyers in the…

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