Bitcoin adoption could swell in Cuba, particularly if private businesses understand the upside to accepting Bitcoin (BTC<\/a>) as currency. That\u2019s according to a Cuban businessperson and Bitcoin advocate, Erich Garcia Cruz.<\/p>\n A recent emigrant to the United States, Cruz is a vocal proponent of Bitcoin adoption in Cuba. Cruz leads the remittance and money transfer services BitRemesas and QvaPay, and has been outspoken in supporting Cuban citizens using Bitcoin since 2020. <\/p>\n In an interview with Cointelegraph as part of an upcoming documentary, Cruz explained that Cubans can use Bitcoin \u201cas a tool.\u201d <\/p>\n While some Cubans use Bitcoin as a store of value, a means of exchange or a remittance tool, ultimately, it\u2019s about getting \u201cout from the Matrix,\u201d he explained. Cruz referred to the country\u2019s centrally planned and officially communist economy. <\/p>\n There is no independent press in Cuba, while the historic United States trade embargo makes it very hard for Cubans to access American products, services, and even applications. Bitcoin is money independent of the state and has no leader or central party. <\/p>\n Cruz explained that during a visit to El Salvador in 2022, one of his friends asked \u201cHow do you teach about Bitcoin in Cuba if Cuba is run by a communist party?\u201d Surely the party would be against Bitcoin?<\/p>\n \u201cI don’t know if the government doesn\u2019t know just how powerful Bitcoin is; they don’t know, and they are just thinking I’m teaching the people about coins in the casino, or if they are afraid of the hyper-Bitcoinization of the Cuban society.\u201d<\/p><\/blockquote>\n Cruz hints that the government may already have an understanding of how Bitcoin works, and maybe, \u201cThey can bypass some sanctions worldwide\u201d using internet-based money. <\/p>\n Plus, since 2021 the government has been warming up to cryptocurrencies: private businesses can legally accept cryptocurrencies such as Bitcoin for goods and services. Cruz explains that more and more private businesses should accept cryptocurrency instead of the Cuban currencies of the Peso or the MLC (Moneda Libremente Convertible \/ freely convertible currency\u201d):<\/p>\n \u201cIf you get paid with CUP or MLC, you are solving the customer\u2019s problem, but you are creating a problem for you because owners are saying that then or later they will try to convert the CLP or MLC into international currency.\u201d<\/p><\/blockquote>\n The Cuban Peso has devalued by more than 800% since its inception. If a Cuban bought the absolute top of the Bitcoin bull run, $69,000, they would still have more value in Bitcoin than Pesos. Moreover, the MLC is a government-backed stablecoin used for purchases in state-run supermarkets. Cubans looking to save money typically do so in the US Dollar, and increasingly, Bitcoin.<\/p>\n Cruz shares the example of his father who bought a small amount of Bitcoin with his Cuban peso pension fund three years ago. The pension fund has dramatically lost value, as the Cuban Peso continues to devalue, while Bitcoin has not only retained, but also increased in purchasing power: <\/p>\n \u201cIt\u2019s not financial advice but it’s better to store your value in Bitcoin than the CUP\u2013a government-issued shitcoin.\u201d<\/p><\/blockquote>\n Nonetheless, despite the huge currency devaluation, Bitcoin suffers from a bad reputation in Cuba. Cruz was scammed by a crypto project before learning what Bitcoin is.<\/p>\n \u201cWe have no internet [in Cuba] until five years ago and Bitcoin is 14 years old. The first contact with Bitcoin in our society was through scams.\u201d<\/p><\/blockquote>\n Cuba has a highly educated population and university education is free, however, the island is sheltered from western influences and the internet is a relatively new tool. The internet, as Cruz points out, only began to penetrate the country in a meaningful way over the past five years.<\/p>\n Related: <\/em><\/strong>Cuba Bitcoin community hosts BTC-only meetup<\/em><\/strong><\/a><\/p>\n Cruz\u2019 work and that of the Cuban Bitcoin community<\/a> targets private businesses in Cuba; an area in which Bitcoin adoption could thrive:<\/p>\n \u201cYou have to teach the people who have the power to embrace that solution. And that’s the private sector. Okay? There is no law. There is no law that forbids the business from accepting Bitcoin. Not yet.\u201d<\/p><\/blockquote>\n Cruz\u2019 interview will feature in an upcoming documentary about Bitcoin in Cuba. <\/p>\n Magazine: <\/em><\/strong>Peter McCormack\u2019s Real Bedford Football Club puts Bitcoin on the map<\/em><\/strong><\/a><\/p>\n<\/div>\n![\"\"](\"https:\/\/s3.cointelegraph.com\/uploads\/2023-06\/aaae66ee-de0f-4d5d-a990-1f704c8dbb80.png\" "\\"\\"")
![\"\"](\"https:\/\/s3.cointelegraph.com\/uploads\/2023-06\/bf0819e7-771c-4197-ace2-244947e80661.png\" "\\"\\"")