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Friday, September 20, 2019

Cubans using Cryptocurrency

An example of how cryptocurrency is getting around regulation.  Laundering money.

Skirting U.S. Sanctions, Cubans Flock to Cryptocurrency to Shop Online, Send Funds   By Sarah Marsh in Reuters.

HAVANA (Reuters) - Jason Sanchez, 35, was able to start buying spare parts online last year for his cellphone repair shop in Havana thanks to the advent of cryptocurrency trading in Communist-run Cuba.

Cuba, which in many ways remains stuck in the analogue past, may seem an unlikely hotbed for cryptocurrencies - digital tokens that use encryption techniques to secure transactions.

Yet the roll-out of mobile internet nearly a year ago has opened the way for cryptocurrency transactions, and enthusiasts have multiplied as the currency helps overcome obstacles created by U.S. sanctions on Cuba.  .... " 

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