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Lack of Regulation Allows Digital Assets To Flourish In Cuba, Bitcoin Becomes The New Trend

Lack of Regulation Allows Digital Assets To Flourish In Cuba, Bitcoin Becomes The New Trend

When it comes to following a global trend, Cuba is one of the first to follow it.

Being a Latin-American country, Cuba is greatly influenced from the US and its other neighboring countries. However, still the country is far behind from the US in every aspect. For instance there is a dire need in Cuba for bringing in monetary reforms. There is lack of regulations relating to financials as well as digital assets. Yet the growth of digital assets within the country is one that can be compared with a developed country.

It is said that if there is a lack of regulation then growth of digital assets in that country is inevitable. Lack of monetary regulation is directly linked with the growth of digital assets as they too are exclusively decentralized.

It has been told that during the times of the pandemic, majority of Cuban investors opted to invest in alternative businesses. One such alternate business that had flourished in the country was relating to cryptocurrency. It has been told that lack of regulation and pandemic had played pivotal role in mass-adoption of cryptocurrency within Cuba.

Bitremesas and Qbita are two of the most renowned and over-populated crypto exchanges of the country. Executives of both exchanges had informed Cointelegraph that their exchanges had recorded huge increase in the number of investors. They told that investors were individuals as well as institutional and their preferred cryptocurrency was none other than Bitcoin.

Meanwhile, Google also informed that majority of search queries it had received from Cuba, were relating to Bitcoin. This showed that Cuba is on the path of cryptocurrencies’ mass-adoption as an alternate source of investment and economy backup.

The executives also told that for the past three months Bitcoin’s prices are getting higher and higher. They informed that similarly the number of investors are increasing on daily basis on their exchanges. Bitcoin had become a new trend in Cuba, they said.

Erich Garcia, who had established Bitremesas in Cuba, informed Cointelegraph regarding the growth of cryptocurrency in the country. She told that at least 200% new users/investors had joined the platform every month for the last three months.

She also told that obviously the lack of regulation within the country is the real source of such immense growth.