Since Trump applied sanctions, exchanging money between the U.S. and Cuba became one of the hardest things to do. According to Dr. Mrinalini Tankha, a professor of anthropology at Portland State University,
For instance, Western Union which operated in the country for over 20 years closed its 400 plus locations amid the sanctions. Furthermore, getting the money in and outside of the country became even more complicated due to the Covid-19 pandemic.
Consequently, the country switched to cryptocurrencies as an alternative to the mainstream money transfer methods.
“There is a kind of niche sector of people who have turned to cryptocurrency,” said Tankha.
“If you’re a software developer, or if you’re an NFT artist, you could actually get paid through cryptocurrency for your labor, and I think that’s where the potential actually is,” said Tankha. “It opens up a whole new economy for Cubans to participate in.”
