Chess in Old Havana
Cuba is in a time warp, but I believe will be one of the first to see mass #Bitcoin adoption.
In the last 3 years, the Cuban peso has lost more than 90% of its value against the USD.
#Cuba #BitcoinCuba
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what's the status of their capital controls? would a bank block transactions going outbound?
I'm imagining people buying BTC in person using cash, from tourists
The main problem in terms of sending money in and out of the country is that the government sets an exchange rate that's between 7 and 30 % of the street rate. Yes, the government sets a totally different rate for different types of transactions.
For Bitcoin, some people are receiving it from abroad as remissions, and then they sell it either in person or through an automated bot on telegram. They have a fairly active group of about 800 members.