Technology, cryptocurrencies, and entrepreneurship in Cuba

Technology, cryptocurrencies, and entrepreneurship in Cuba
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Cuba is having a technological awakening. The December 2018 launch of mobile data service took Cubans out of the technological desert. Because of widespread technological adoption, more and more Cubans use Bitcoin and other cryptocurrencies for their purchases and sales of products and services.

To be or not to be decentralized, that is the question

Thanks to this technological openness in Cuba, the first steps in the adoption of cryptocurrencies are beginning to be taken. Blockchain is gaining traction among Cubans as the method of choice to circumvent restrictive impediments inside and outside their borders.

Holding a decentralized cryptocurrency like Bitcoin gives Cubans purchasing power in the national and international market. Entrepreneurs, traders, and the general public have access to international markets and can sell their products and services using cryptocurrencies.

Another use-case specific to the island is that of a bargaining chip to access the MLC balance. With MLC, Cubans can buy electric vehicles, household appliances, and necessities.

Slyk: technology based on entrepreneurship and freedom

Thanks to Blockchain technology, certain startups are powerful alternatives to the leading Fintech companies. One of them is, an e-commerce platform focused on artists, freelancers, gigsters, and entrepreneurs. Slyk offers a free space for the opening of virtual stores and the sale of products and services. Slyk lets you receive payments in any type of currency, whether fiat or decentralized.

Cubans who use Slyk have their own door to the world of online commerce. Once your virtual store is created, you can start selling and get paid through the integration with QvaPay. From there you convert your sales proceeds into hard local currency.

Challenges ahead

As the adoption of cryptocurrencies advances in Cuba and within the region, entrepreneurs who make use of them through e-commerce platforms such as will benefit. As your methods of generating income become more flexible, your financial sovereignty grows stronger.

The biggest challenge towards mainstream adoption of cryptocurrency in Cuba is that of education. Fortunately the road ahead is clear and it is only a matter of time before Cubans’ use of cryptocurrencies is as common as the use of the Cuban peso (CUP) to make their daily purchases.

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