Crypto

In Cuba, cryptocurrency gains momentum

Published

3 years ago

June 5, 2022

HAVANA — Relating to cash, Cubans are between a rock and a tough place: clamped between a hawk-eyed Communist Get together jittery concerning the accumulation of personal wealth, and the consequences of many years of U.S. sanctions that lock them out of the worldwide monetary system.

However many are discovering a approach out with cryptocurrencies, using which has grown exponentially lately.

When Alex Sobrino launched the island’s first cryptocurrency group, the Telegram channel CubaCripto, on New Years Eve 2018, there have been, he mentioned, fewer than 50 folks within the nation utilizing cryptocurrencies. “We didn’t even know one another,” he mentioned.

Now, with greater than 5 million Cubans utilizing cell web, casual estimates put the variety of Cubans utilizing currencies like bitcoin, ethereum and avalanche at between 100,000 and 200,000.

The 1 to 2 p.c of the island’s inhabitants that makes use of cryptocurrencies is way decrease than the 16 p.c of Individuals who’ve carried out cryptocurrency transactions or the greater than half of Salvadorans who now reportedly have cryptocurrency apps (El Salvador final 12 months grew to become the primary nation to undertake bitcoin as authorized tender). Nonetheless, for an island “frozen in time,” uptake has been swift.

The expansion has been spurred by the launch of cell web on the island three years in the past, together with tightened U.S. sanctions.

The important thing second got here in 2020, when the Trump administration banned Individuals from sending remittances to their households via Western Union, which was the primary approach for a lot of Cuban Individuals to ship cash to their households. In a single fell swoop, a income stream price billions of {dollars} was minimize. With no flights into the nation due to the pandemic, there was no technique of bundling in dollars. With households struggling, folks seemed for brand spanking new methods to ship cash.

“When Western Union ceased to exist, there was an enormous rise in remittances through cryptocurrencies,” mentioned Erich García, founding father of BitRemesas.com, an organization that now processes crypto remittances.

“One of many alternate options had been Telegram teams,” mentioned Sobrino. “Individuals created teams the place they solely talked about crypto alternate charges: ‘I’ve a relative that lives in Chile, I may give you crypto and also you give me pesos, OK?’”

At first, folks receiving bitcoin from overseas would meet up with these wanting money in individual handy them {dollars}, euros or Cuban pesos. This continues in the present day, however the crypto remittance system has turn out to be extra institutionalized: Corporations like BitRemesas.com now pay native foreign money instantly into folks’s financial institution accounts.

Cubans at the moment are utilizing cryptocurrencies for a variety of actions. With inflation effectively over one hundred pc final 12 months, some use them to guard their financial savings.

Others have given up their low-paying day jobs to make a dwelling by buying and selling. Final 12 months the federal government issued a warning and mentioned it was investigating potential cryptocurrency scams that had affected 1000’s of Cubans.

One can now even use bitcoin to purchase a espresso or a beer in a handful of Havana’s upmarket bars, though client uptake has up to now been low.

Bitcoin doesn’t acknowledge borders

U.S. sanctions on the island lock Cubans out of many on a regular basis companies that Individuals depend on: App Retailer, Skype, eBay and Amazon are all off-limits.

Not an issue, mentioned García, the remittances firm proprietor, who calls crypto the “holy grail” of the Cuban personal sector.

“Goodbye, goodbye, we don’t want you anymore,” he mentioned of PayPal, Zelle and Visa. “You don’t ship companies to me? OK, no downside — I’ll use cryptocurrency to broaden my enterprise.”

“We not assume: ‘I’m Cuban so I can’t use this.’ No — bitcoin doesn’t acknowledge borders,” mentioned software program developer Eyonys González, 33, who pays for webhosting, antivirus and different software program licenses with bitcoin.

With imports managed by the unwieldy state, savvy entrepreneurs have begun importing items for his or her small companies instantly, paying for telephones, motherboards and transistors in crypto. “Mules,” a neighborhood time period for individuals who carry merchandise for others of their suitcases, deliver them into Cuba for a payment.

There are service exports too. Camilo Noa, 31, makes use of Slyk, an e-commerce software, to promote his companies as a social media neighborhood supervisor. He has acquired fee from corporations within the U.S., Europe and Latin America.

That is, in essence, routine e-commerce, which took off within the U.S. within the Nineteen Nineties. However although Cubans have had restricted web in universities, workplaces and public libraries for greater than a decade, previous to crtypto there was no approach for them to promote their wares on-line.

Whereas China’s Deng Xiaoping pronounced “to get wealthy is superb” again in 1986, there has by no means been any related proclamation by the Communist Get together of Cuba, which to this present day — regardless of allowing extra small- and medium-sized companies to crop up — stays anchored to the concept focus of personal wealth is harmful (due to the elevated financial inequality it could engender and since the emergence of a capitalist class might ultimately problem the celebration).

A few of these interviewed for this text had been cagey about revealing their shoppers. As in different nations, a serious draw of cryptocurrencies for Cubans is their potential anonymity, which shields customers from a prying state — and the tax man.

“Cryptocurrencies symbolize monetary freedom, getting away from centralization and inflation — and so they additionally make sure you’re not watched over by any entity,” mentioned Sobrino, who now lives in Uruguay.

Cuban authorities ‘evaluating’ its use

Some irony, then, that the Cuban authorities appears , too.

The island not too long ago issued new laws for using cryptocurrencies; this month the Central Financial institution will start issuing licenses to digital asset service suppliers.

President Miguel Díaz-Canel has mentioned that the nation is “evaluating the advisability” of utilizing cryptocurrencies. And the nationwide oil firm and the pharmaceutical sector at the moment are “utilizing blockchain expertise,” in keeping with state media, though how and to what extent is unclear.

Analysts say that in contrast to China, which final 12 months banned cryptocurrencies on environmental and anti-money laundering grounds, the truth that Cuban authorities are making a regulatory framework reveals they consider crypto can deliver advantages.

U.S. courts have hit European banks with billions of {dollars} in fines for conducting enterprise with the island, in addition to with different sanctioned nations. For the reason that Trump administration relisted the island as a state sponsor of terrorism — after the Obama administration had taken it off the record as a part of a gap of relations between the 2 nations — making funds for normal commodities resembling fertilizer, equipment and vaccine syringes have turn out to be much more acute.

“It’s a form of an intimidation of companies in third nations who need to do enterprise with Cuba,” mentioned Emily Morris, a specialist on the Cuban financial system at College Faculty London. So “it’s not in any respect a shock that individuals in Cuba are taking a look at this as a result of for those who might do transactions instantly between two events, which don’t must undergo a financial institution, simply via a separate channel, then that may be of curiosity.”

Venezuela launched the petro in 2018, a cryptocurrency pegged to the value of oil. The Central Financial institution of Iran mentioned in January that it had created a system that enables native retailers to pay worldwide companions with crypto.

“You may’t block using any blockchain whoever you might be; whether or not you’re a authorities, an establishment, you’re a individual, you may’t block Cubans from utilizing cryptocurrencies. That’s a truth,” mentioned García, the entrepreneur.

Sobrino suspects the Cuban state might already be utilizing cryptocurrencies to make funds. Over the previous couple of years, he says, he has been contacted by authorities researchers for insights.

“The federal government is perhaps irked that Cubans are utilizing currencies they don’t management,” he mentioned. “But it surely’s of their curiosity to make use of cryptocurrencies as a result of they will make funds with out the U.S. authorities canceling their accounts.”

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Crypto

Bitcoin Prices Surpass $100,000 For First Time In 2025 As Trump Rally Fuels Gains

Published

2 hours ago

January 7, 2025

Press Room

Bitcoin Prices Surpass 0,000 For First Time In 2025 As Trump Rally Fuels Gains

Bitcoin surpassed $100,000 earlier today. (Photo illustration by Chesnot/Getty Images)

Getty Images

Bitcoin prices rallied today, climbing past $100,000 for the first time this year as anticipation surrounding the inauguration of President-Elect Donald Trump bolstered the digital currency.

The world’s most valuable cryptocurrency by total market value reached more than $102,700 this evening, according to Coinbase data from TradingView.

At this point, it was up roughly 4% in less than 24 hours, after trading below $99,000 earlier in the day, additional Coinbase figures from TradingView reveal.

Interestingly enough, the digital asset, which reached an all-time high of more than $108,000 on December 24, spent the first several days of this year trading below the key, psychological level of $100,000.

Trump Rally

When asked what caused bitcoin’s latest rise above $100,000, several analysts pointed to the regime change that will take place two weeks from today, as well as its expected impact on policy.

“Personally, I think Bitcoin price pumped due to excitement of it being the first Monday of 2025 and every day is getting closer to a pro crypto president and the resignation of Gary Gensler,” said the TikTok influencer who goes by Wendy O.

Gensler, who became the chair of the U.S. Securities and Exchange Commission in 2021, has generated significant visibility for the highly aggressive approach he has taken toward the cryptocurrency sector.

In November, he shared some statistics on his X (formerly Twitter) account, citing an SEC statement detailing how the government agency had secured more than $8 billion dollars’ worth of financial penalties during fiscal year 2024.

The government official, who has drawn significant ire for his heavy handed treatment of cryptocurrency industry participants, plans to resign from his current post on January 20, according to a separate SEC statement.

Greg Magadini, director of derivatives for digital asset data provider Amberdata, also highlighted how anticipation surrounding the upcoming regime change has impacted investors and the markets.

“The presidential certification process, followed by the Jan 20th inauguration both represent bullish sentiment catalysts, especially as the labor market remains strong and the new administration will likely announce tax-cut policies and friendly regulation policies for crypto,” he stated.

US Investor Demand Returns

The interest that American investors have in bitcoin seems to have recovered after the start of the year, according to CryptoQuant analyst Julio Moreno.

When asked what caused the cryptocurrency’s latest upward price movement, the analyst stated via Telegram that “it seems related to the return of the US investor to the market after the holidays.”

He emphasized changes in CryptoQuant’s Coinbase Premium Index for bitcoin, which the data analytics provider defines as the percent “difference between Coinbase Pro price (USD pair) and Binance price(USDT pair).”

The chart below, which Moreno supplied, illustrates the index’s latest activity.

Bitcoin’s Coinbase Premium Index

CryptoQuant

“We can see the Coinbase Bitcoin price premium turning positive again for the first time since December 17 last year,” he stated.

“A positive Coinbase premium indicates relatively higher demand in the US,” Moreno noted.

Disclosure: I own some bitcoin, bitcoin cash, litecoin, ether, EOS and SOL.

Crypto

Court upholds ban that is shaking cryptocurrency world: 'Unduly discriminatory and unreasonable'

Published

10 hours ago

January 6, 2025

Press Room

Court upholds ban that is shaking cryptocurrency world: 'Unduly discriminatory and unreasonable'

The Canadian province of British Columbia has held firm in its stance against cryptocurrency, extending its restrictions against bitcoin mining into December.

According to CoinDesk, the BC Supreme Court upheld a ban early last year that the provincial government initiated in December 2022 after Conifex Timber — a forestry company that intended to begin mining operations in the province with the Tsay Keh Dene First Nation — challenged the moratorium.

“The total amount of megawatt-hours that would have been required to service all the interconnection requests from cryptocurrency operations in 2023 grossly exceeded the projections of BC Hydro,” the judge wrote.

A press release from the BC government following the initial ban stated that it paused 21 projects that requested 1,403 megawatts — equivalent to the energy needed to power approximately 570,000 homes in the region or charge 2.1 million electric vehicles.

Cryptocurrency advocates have pointed to the rising number of mining operations using renewable energy off the grid and to how the lucrative benefits of mining crypto flexibly can help to drive innovation, investment, and expansion of renewable energy and avoid wasting electricity. But for a region or country dealing with active threats to its energy grid, it may be harder to lean into that optimism until it is properly prepared to take advantage.

“The temporary suspension will preserve BC’s electricity supply, while giving government and BC Hydro sufficient time to engage with industry and First Nations, and develop a permanent framework for any future cryptocurrency mining operations,” the statement reads.

BC originally imposed an 18-month restriction to preserve its supply of sustainable and affordable energy provided by its largest electricity utility, BC Hydro, which produces over 90% of its power from hydroelectric sources, per CoinDesk.

The provincial government also passed an update to the Energy Statutes Amendment Act in 2024 to allow the Cabinet to bypass the BC Utilities Commission, giving it direct authority over the energy allocation to the crypto industry.

While the government argued that “these amendments will enable the eventual implementation of a permanent policy,” Conifex Timber contended in court that the ruling was “unduly discriminatory and unreasonable.”

The ruling comes amid bitcoin’s surging value and Vancouver, BC’s most populous city, pushing to become a bitcoin-friendly city.

Bitcoin has been an extremely divisive issue, with detractors noting its immense energy demands and resulting environmental impact. Its profitability and popularity have overburdened grids and even allegedly come at the cost of human health.

Meanwhile, proponents have championed its creative potential in sustainability; for example, companies are utilizing the high temperatures its data centers produce to heat commercial and residential buildings.

Join our free newsletter for good news and useful tips, and don’t miss this cool list of easy ways to help yourself while helping the planet.

Crypto

The Top 8 Cryptocurrency Staking Platforms of 2025: Maximize Your Passive Earnings | Bitcoinist.com

Published

17 hours ago

January 6, 2025

Press Room

The Top 8 Cryptocurrency Staking Platforms of 2025: Maximize Your Passive Earnings | Bitcoinist.com

Cryptocurrency staking has evolved into one of the most powerful ways to earn passive income, and with the growing variety of staking platforms, it’s easier than ever to generate returns on your crypto holdings. Whether you’re just starting out with crypto or you’ve been investing for a while, picking the right crypto staking platform is crucial to getting the most out of your money.

In this article, we’ll show you the top 8 cryptocurrency staking platforms for 2025—starting with the very best one: Keynode. These platforms offer high staking rewards, security, and features that will help you unlock the full potential of your digital assets.

1. Keynode: The Ultimate Staking Solution

Keynode has quickly ascended to the top of the staking world in 2025, offering a user-friendly experience that’s as secure as it is profitable. With its unparalleled flexibility and high rewards and highest APY crypto staking, Keynode is an investor’s dream for maximizing passive earnings.

Here’s a simple guide to get started with Keynode.net:

Visit Keynode.net -Visit the Keynode.net website to start your crypto journey.
Create an Account – Sign up and make an account, choosing a secure password, and following the verification steps to ensure your account is protected.
Claim Your Welcome Bonus– As a new user, you’re eligible for a $100 Welcome Bonus tied to the ETH Lite Plan.
Deposit Funds– Deposit your preferred cryptocurrency or fiat funds into your account.
Start Earning Through Staking or Other Plans– Choose from Keynode’s various earning options, like high-yield staking, to start growing your assets.

Earn Big with Keynode.net’s Affiliate Program (4% + Active Users Bonus)

The Keynode.net Affiliate Program is designed for crypto enthusiasts and affiliates who want to earn extra income by sharing Keynode.net with others.

Key Benefits of the Keynode.net Affiliate Program

No Deposit Required
You can join the affiliate program, share your referral link, and begin earning without needing to make an initial deposit.
High Pay-Outs
Earn up to 4% in referral rewards for every purchase made by a user who signs up through your link, maximizing your income from each referred customer.
Instant Payments
Keynode.net ensures you get paid quickly, with referral rewards credited instantly in cryptocurrency to your account.
No Limits on Referrals
With no cap on referrals, there’s no limit to your earning potential.

How It Works

Sign Up and Get Your Referral Link
Simply sign up for the affiliate program on Keynode.net and receive a unique referral link.
Share Your Link
Invite friends, family, and followers to join Keynode.net using your referral link.
Earn Rewards Instantly
Each time a referred user completes a purchase, your commission is credited immediately.
Active Users Bonus
Enjoy extra bonuses for each milestone in active users (those who have made a purchase). The more active users you bring in, the more you earn:

10 Active Users: Earn an extra $15
30 Active Users: Earn an extra $50
50 Active Users: Earn an extra $100
100 Active Users: Earn an extra $150
300 Active Users: Earn an extra $400
500 Active Users: Earn an extra $700
1,000 Active Users: Earn an extra $1,500
2,000Active Users: Earn an extra $3,000

Keynode.net Million Bounty Program

Keynode.net’s Million Bounty Program is your opportunity to earn rewards while contributing to the growth and success of our platform. By completing simple tasks, sharing the messages, and managing online groups, you can earn crypto rewards while contributing to the improvements of the platform.

How to Claim a Bonus on KEYNODE: A Simple Guide

Enter your username followed by “Million Bounty” on the first line.
Provide your email address on the second line.
Share the link to your social media post on the third line.
Submit the information to the Support team for review.
Approved bonuses will be issued weekly on Tuesdays and Fridays.

2. Binance: A Trusted Powerhouse in Crypto

It will be in 2025 when Binance, one of the biggest and most reputable cryptocurrency exchanges in the world, will still head in cryptocurrency staking. Offering flexibility and a vast selection of supported cryptocurrencies, Binance is an ideal platform for users looking for reliable passive income.

Why Binance Is a Top Contender:

Flexible Staking Options: Whether you prefer flexible or locked staking, Binance offers both, catering to all types of investors.
High Liquidity: Binance’s massive user base ensures high liquidity, making it easy to stake and unstake your assets at any time.

3. Kraken: Secure and User-Friendly

For those seeking a straightforward and highly secure staking experience, Kraken is a top choice in 2025. Kraken is well-known for its strict rules and strong security measures. It makes staking easy for both new and experienced investors.

Why Kraken Stands Out:

Top-Tier Security: Kraken is famous for its robust security measures, ensuring your assets are always protected.
24/7 Support: Kraken provides round-the-clock customer support, ensuring assistance is available whenever you need it.

4. Coinbase: A Beginner’s Best Friend

For new investors in the field of cryptocurrency, Coinbase provides one of the easiest and most trusted platforms for a beginner to start staking. With its user-friendly design and robust security features, Coinbase makes it simple to grow your crypto holdings passively.

5. Gemini: Regulated and Reliable

Gemini is a regulated U.S. exchange that provides a secure and user-friendly platform for staking a variety of cryptocurrencies. Gemini is a great option for people who want a safe and secure way to stake their assets, as it’s well-known for following rules and keeping things protected.

Why Gemini Deserves a Spot:

Reliable Rewards: Staking rewards on Gemini range from 2% to 6% annually, with reliable payouts.
Strong Security: Gemini’s advanced security features provide peace of mind, ensuring your funds are always protected.

6. Staked: Optimized for Proof-of-Stake

Staked is an advanced platform designed specifically for staking Proof-of-Stake (PoS) assets. Dedicated to providing high yields and professional management, Staked is suitable for users intending to maximize returns out of their PoS tokens.

Why Staked is a Strong Option:

Expert Management: Staked provides professional-grade management for your staking assets, ensuring maximum efficiency and reliability.
High Yields: Staked offers some of the highest yields in the industry, particularly for PoS coins like Solana, Cosmos, and more.

7. Crypto.com: A One-Stop Crypto Ecosystem

Crypto.com continues to expand its ecosystem, offering not only staking but also trading, lending, and a crypto-backed debit card. If you want a place where you can manage your whole crypto portfolio, Crypto.com has got you covered.

Why Crypto.com Is Worth Your Attention:

Attractive Rewards: Crypto.com offers competitive rewards, with yields ranging from 4% to 12% on various coins.
Loyalty Programs: The platform’s loyalty program offers additional bonuses for users who hold the native CRO token.

8. Exodus: A Staking Wallet for the Mobile Generation

Exodus is a well-known wallet app for phones and computers. It lets users earn rewards by staking different types of cryptocurrencies directly from their wallets.Known for its intuitive interface, Exodus is perfect for users who want to stake on the go.

Why Exodus Stands Out:

Mobile-Friendly: Exodus is designed with mobile users in mind, making it easy to stake from anywhere.
Low Fees: Exodus offers competitive fees, making it a cost-effective choice for staking smaller amounts.

Conclusion: Maximize Your Earnings in 2025

Choosing the right cryptocurrency staking platform can significantly impact the returns you earn on your investments. With Keynode marching the way, among this top 8, everything from the most high-yield to the easiest use and the rock-solid protection is available. So, which platform will you choose to take your crypto staking experience to the next level? Let the journey to passive income begin!

Disclaimer: This is a paid release. The statements, views and opinions expressed in this column are solely those of the content provider and do not necessarily represent those of Bitcoinist. Bitcoinist does not guarantee the accuracy or timeliness of information available in such content. Do your research and invest at your own risk.