Bitcoincuba Introduces Bitcoin to Cuba

Bitcoincuba aims to introduce the cryptocurrency bitcoin to the Cuban community, with the first transaction already made through a public WiFi. According to founder Fernando Villar, this could show Cubans that it is possible to transact using the cryptocurrency via Nauta, the state-run public WiFi network.

“This will hopefully open everyone’s eyes on the possibilities and finally put Cuba on the bitcoin map,” Villar mentioned.

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Bitcoin in Cuba

The financial system is a little more complicated in Cuba, as there are two official currencies in circulation. One is the peso, which is used for government salaries and is worth $0.04, and the other is the CUC or convertible peso, which is worth $1.

With that, the current two-currency system could make bitcoin transactions a bit trickier since it distorts the economy. Reports indicate that Cuba would have an even more difficult time if it switched to a single currency since it might spur wage volatility.

On a more positive note, bitcoin could bridge these gaps, as it would introduce a uniform monetary value that is also typically measured against the US dollar. For now there aren’t a lot of

Read more ... source: TheBitcoinNews