Bitcoin is seen as a store of value for investors in the west, but for the long-suffering Cubans Bitcoin is a necessity.
Cubans are now turning to Bitcoin as a way of receiving money sent from the US, after the two governments came to blows again, resulting in remittance companies having to halt business.
According to The Guardian, Cuba is closing 400 Western Union offices in the country. This move came after the US treasury banned US companies from doing business with Fincimex, a Cuban military-controlled firm that processes remittances for Western Union.
Western Union responded by telling all of their clients they have a ‘limited time to send money to their loved ones from the United States to Cuba,’ as their offices will be closing on 23 November.
The spat is expected to cut off nearly all remittance lines and will hinder all international business and personal cashflow in and out of Cuba.
It’s a never-ending penalty for the long-suffering Cubans. They have basically been ostracised from the global markets for over 50 years, and the country has fallen into deep poverty.
But now after all this time, they are starting to discover a lifeline. Read More