RATE Group | Cuba’s First P2P Bitcoin Exchange Launches Amid Regulatory Uncertainty
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Cuba’s First P2P Bitcoin Exchange Launches Amid Regulatory Uncertainty

23 Apr Cuba’s First P2P Bitcoin Exchange Launches Amid Regulatory Uncertainty

Posted at 18:35h in Cryptocurrency News by

While most crypto businesses keep out of Cuba due to regulatory uncertainties and hefty American sanctions, Italian-Cuban entrepreneur Mario Mazzola developed and deployed Cuba’s first peer-to-peer Bitcoin (BTC) exchange.

Blockchain and cryptocurrency news outlet Decrypt reported on April 23 that Mazzola launched the “ultra-lightweight” Bitcoin exchange earlier this month.

Taking the lead

A Reuters report published in September 2019 quoted a 35-year-old Cuban mobile shop owner, Jason Sanchez, saying that virtual currencies were “opening new doors” for ordinary citizens.

While there is interest in using virtual currencies and an opportunity to circumvent U.S. sanctions, Cubans face difficulty using cryptos as most exchanges have geo-blocked them from accessing their services.

Mazzola defines Bitcoin as a necessity for Cubans, but with most services blocking users, they fail to reap the benefits. In such a situation, he adds, Qbita will serve as their tool to buy, sell, use and…

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