Cuba is witnessing an influx of Bitcoin-related activity as interest in Bitcoin is on the rise in the country. Google searches for bitcoin in Cuba have increased in the past month.
According to data from Google Trends, Cuba now ranks second in terms of Bitcoin interest over the past 30 days. The island nation follows Nigeria, which has remained the top country searching for Bitcoin on Google since April 2022. The other top five Google regions searching for Bitcoin are the African countries of South Africa, Cameroon, and Ghana.
Cuba’s increase in Bitcoin-related searches comes amid reports that Cubans are increasingly turning to crypto to evade US-imposed sanctions and gain access to digital financial services.
Paypal and Stripe Services None to Cubans.
With major digital payments companies such as PayPal and Stripe reportedly unavailable to Cubans, travel restrictions triggered by the global pandemic have made local payments even more complicated.
In late October, a local programmer and YouTuber Erich García called on the country to use the leading cryptocurrency Bitcoin for cross-border remittances, claiming that anyone wanting to send payments to the island would have to buy Bitcoin and send it through a Cuban crypto exchange called BitRemesas.
Cryptocurrency adoption increased this year amid the pandemic
Mainstream adoption of cryptocurrencies is reportedly growing this year amid the ongoing global pandemic. African countries witnessed huge growth in crypto adoption this year.
Bitcoin trading on the Peer-to-Peer platform witnessed rapid growth in recent months, with the African continent now the second strongest region in the world for P2P volume, just behind the US.
The African continent was the only region that recorded a seven-day increase in P2P trading in July. Central banks in many countries are also exploring digital currencies to join the race.