Cuban Youtuber Introduces Bitcoin Payment Network

Cuban Youtuber introduces Bitcoin payment network. Money sent from the U.S. to Cuba frequently passes through a covert network of ‘crypto enthusiasts’ before being transformed into Cuban pesos, according to an October 26 article by Cuba’s AFP news agency.

Erich García, a 33-year-old programmer and local YouTuber, shared with AFP that anyone who wants to send money to the island must purchase Bitcoin and have it sent through a Cuban crypto exchange called BitRemesas. According to AFP, Garcia mentioned that a path was founded to send money from the US to Havana, “We found this variant of the use of cryptocurrencies as a measure in which no bank is necessary,” explains Erich.

Crypto users on the island will then bid to offer recipients the best price for their coins via WhatsApp or Telegram. On average, a middleman from the network earns up to a 25 percent commission for his part. Once a deal is made, the counterparties agree to a time and date to finish the trade.

[image: Augustin De Montesquiou]

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