Cuba will now recognize and regulate cryptocurrencies like bitcoin, in a move being billed as historic for the island nation.
"It's historic that they are embracing it," said Boaz Sobrado, a London-based fintech data analyst, who spent four years working in crypto in Cuba.
In 2020, Western Union – a particularly significant channel for remittances, which had been operating in Cuba for more than 20 years – shuttered all of its 400-plus locations, amid increasingly aggressive Trump-era sanctions. It was this desperate need of cash – against a backdrop of a global pandemic and blocked access to the world economy – which helped foment a rise in crypto adoption in Cuba, say experts.She credits the burgeoning crypto community to the rise of the internet in Cuba, as well as the fact that there are so many more people who have smartphones and 3G connectivity. A weak local currency is also a factor likely contributing to the appeal of bitcoin.
Photographer Gabriel Guerra Bianchini is doing just that. Havana-based Bianchini was one of the first artists in Cuba to break into the world of non-fungible tokens, or NFTs. "The minute that Cubans participate in this ecosystem, they face a lot of risks, even if they're operating with a VPN where they're able to hide their location," said Tankha.
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