Cubans find new ways to circumvent the US embargo sanctions in 1962. According to the Cuban News Agency AFP on October 26, transfers from the United States to Cuba often passed through a clandestine network of “cryptocurrency enthusiasts”. Converted to Cuban Peso.

Eric Garcia, a 33-year-old programmer and local YouTube, told AFP that anyone wanting to send remittances to the island should buy bitcoin and send it through a Cuban cryptocurrency exchange called BitRemesas.

After that, users of the cryptocurrency on the island aim to offer recipients the best rate for their currencies via WhatsApp or Telegram. On average, a network retailer receives up to 25% commission for their share of risky and legally questionable transactions.

After the transaction is completed, the counterparties agree on a time and date to complete the transaction. Organizations that exchange Cuban pesos for bitcoin often undertake long bike rides in the Caribbean to complete these transactions. Although the group appears informal and self-organized, thousands seem to be using their services.

Cointelegraph Spanish previously reported that most of the 10,000 Cubans who use Bitcoin on the island do so covertly.

Source: CoinTelegraph