Thursday, December 9

Businesses in Cuba are already accepting bitcoin

In Cuba, businesses can already accept cryptocurrencies to charge for the goods and services they offer, and this practice is beginning to show more and more on social networks. For example, a bitcoiner entrepreneur showed on Twitter how he paid a restaurant bill using bitcoin (BTC).

The influence in question is Erich García Cruz, who has more than 26,000 followers on Twitter and usually comments on news from the world of cryptocurrencies; mainly bitcoin, and technology in general.

In a video posted on this social network, the twitterer showed how he paid the bill at the Yarinis Habana restaurant using bitcoin, more precisely Lightning Network. Just by scanning a QR code and tapping on your cell phone screen, the payment was completed in less than two minutes.

Beyond that Erich García chose to pay using the Lightning Network, a micro-payment network off-chain of Bitcoin, you could also have opted to use the main chain of the network if you had preferred. However, the first option is faster and with less commissions, and that is why its preference for these cases.

In addition to this gastronomic establishment, they can be observed on the site At least 13 other locations that could accept cryptocurrencies in Havana, and others are also being added in various parts of the country. Among them there are several accommodations such as those of the Manicato Inn foundation, which confirmed to CriptoNoticias that they accept cryptocurrencies “to promote the independence of workers and their clients.”

This possibility of paying with bitcoin occurs on the Central American island after the Central Bank of Cuba (BCC) recognized cryptocurrencies on September 15.

García Cruz showed how he paid with bitcoin in less than two minutes. Source: Twitter.

As CriptoNoticias reported at the time, the BCC reported that it is the merchants themselves who must assume the risks of operating with this type of digital assets, at the same time that all international guidelines for money laundering had to be met.

Likewise, the BCC detailed that cryptocurrencies represent “a risk for financial stability and monetary policy” due to their volatility and that the “excessive anonymity” of their users also implies a danger.

America moves towards bitcoin

The economies of the small countries of Central and North America find in bitcoin a method to diversify and strengthen their economy. In addition to making the sending of remittances cheaper, since the countries of this region of America represent a high percentage of the gross domestic product (GDP), it also makes it possible to carry out transactions between citizens and merchants.

While Cuba officially recognized cryptocurrencies to use them as a form of payment, El Salvador went one step further and established bitcoin as legal tender. Thus, the State took a greater participation to guarantee access to this cryptoactive, in addition to instructing and facilitating adoption for businesses so that they can receive payments with this cryptocurrency.