Bitcoin enters Cuban economy

With the first bitcoin transaction already made through a WiFi hotspot in Cuba, the digital currency has set its foot in the Cuban economy. It seems the efforts of Bitcoincuba that aims to infuse bitcoin into Cuba are already working.

"It's about showing Cubans and the Bitcoin community that it is now possible to receive Bitcoin through Nauta, the Cuban state-run public Wi-Fi," Fernando Villar, BitcoinCuba founder, told CCN. "This will hopefully open everyone's eyes on the possibilities and finally put Cuba on the Bitcoin map."

There are two official currencies in circulation in the country, one is the peso, which is used for government salaries and is worth $0.04, and the other is the convertible peso or CUC, which is worth about $1.

"Right now Cubans deal with a dual currency system that makes it prohibitive for Cubans to compete in a global market. There aren't many currency exchanges in which people are buying up Cuban pesos or convertible pesos, so their currency is essentially worthless outside of the island," informs Villar.

"We strongly feel that even a minimal adoption to Bitcoin will start to help Cuban entrepreneurs sell their goods or service globally in a simple and efficient way," he says. "These entrepreneurs are going to be the ones that are going to elevate the economy in the near future."