Cuba is Leading in Cryptocurrency Payments after El Salvador

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Cuba is Leading in Cryptocurrency Payments after El Salvador

Business establishments in Cuba are already accepting bitcoins as payment for their goods and services, and this practise is growing increasingly popular on social media platforms. Using the example of a bitcoiner entrepreneur paying his restaurant bill on Twitter, we can see how the technology is being utilised to pay bills (BTC).

A key figure in this debate is Erich Garca Cruz, a cryptocurrency enthusiast with over 26,000 Twitter followers, who regularly comments on news from the world of cryptocurrencies (most notably bitcoin) and technology in general.

In a video published on Twitter, he demonstrated how he paid the bill at the Yarinis Habana restaurant using bitcoin, namely the Lightning Network, in a video broadcast on the social media platform. With the help of a QR code and a few taps on your phone screen, the payment was accomplished in less than two minutes.

Erich Garca also decided to pay using the Lightning Network, a Bitcoin micropayment network that operates off-chain; however, you could have chosen to pay on the network’s main chain if you had preferred. However, because the first method is more expedient and involves fewer commissions, it is favoured in certain circumstances.

Additionally, they can be discovered on the website, which is dedicated to the gastronomy industry. As of this writing, there are at least 13 other locations in Havana that could potentially accept bitcoins, with more being added across the country. CriptoNoticias has received confirmation from a number of establishments, including the Manicato Inn Foundation, that they accept cryptocurrencies “in order to encourage the independence of workers and their clientele.”

This option of paying with bitcoin became available on the Central American island after the Central Bank of Cuba (BCC) began accepting cryptocurrencies on September 15th.
Garca Cruz demonstrated how he paid using bitcoin in less than two minutes, according to the video. This information comes from the social media platform Twitter.
In a statement at the time, the BCC warned that merchants must shoulder the risks involved with operating with these forms of digital currencies while also complying with all international anti-money laundering regulations.

Additionally, the BCC noted that cryptocurrencies represent a “risk to financial stability and monetary policy” due to their volatility and the “extreme anonymity” with which its users conduct themselves on the internet.
The United States of America is adopting the bitcoin cryptocurrency….
Bitcoin enables small Central and North American economies to diversify and build their economies through the use of digital currency. It makes it easier to conduct transactions between people and merchants, as well as making remittances more affordable, because the countries in this region of America account for a significant portion of the world’s gross domestic product (GDP).

When it comes to cryptocurrency payments, Cuba has legalised the usage of the digital currency, but El Salvador has gone a step further and declared bitcoin to be legal tender. As a result, the government has taken a more active role in ensuring that people have access to this cryptocurrency, as well as training and assisting businesses in adopting it so that they may accept payments in it.