Why Cubans Are Turning to Bitcoin
With limited access to traditional banking and strict currency controls, Cubans are increasingly adopting Bitcoin as a financial lifeline. The cryptocurrency offers a way to bypass economic sanctions, preserve savings amid hyperinflation, and participate in the global digital economy. This guide explains how to buy Bitcoin in Cuba safely, even with limited internet access and financial infrastructure.
Is Bitcoin Legal in Cuba?
In 2021, Cuba’s government officially recognized cryptocurrencies like Bitcoin for commercial use. However:
- Transactions must comply with anti-money laundering laws
- Taxes apply to crypto-related profits
- Exchanges require Central Bank approval (rarely granted)
Most Cubans use peer-to-peer (P2P) platforms to avoid bureaucratic hurdles.
Top 3 Ways to Buy Bitcoin in Cuba
- P2P Marketplaces
- LocalBitcoins: Trade directly with verified buyers/sellers
- Paxful: Accepts gift cards and cash payments
- Binance P2P: Low fees, supports multiple currencies
- Bitcoin ATMs
While Cuba has no physical crypto ATMs, nearby countries like Mexico and Canada do. Travelers often use this option.
- OTC (Over-the-Counter) Brokers
Private networks on Telegram and WhatsApp connect buyers with large-volume traders.
Step-by-Step: Buying Bitcoin via P2P
- Create accounts on Binance/LocalBitcoins using a VPN
- Verify identity with passport/ID (optional for small trades)
- Search for sellers accepting MLC (Cuban convertible peso) or USD
- Agree on payment method: cash deposit, gift cards, or remittances
- Complete trade with platform escrow protection
4 Essential Security Tips
- Use hardware wallets like Ledger for long-term storage
- Enable two-factor authentication on all accounts
- Verify seller ratings before transacting
- Never share private keys or recovery phrases
FAQ: Bitcoin in Cuba
Q: Can I buy Bitcoin without a bank account?
A: Yes. Most Cuban traders use cash transactions or gift cards from platforms like Bitrefill.
Q: What’s the cheapest payment method?
A: USD cash transfers via Western Union/remittance services, with fees under 5%.
Q: How do I convert Bitcoin to CUP?
A: Use local exchange groups on social media or spend directly at crypto-friendly businesses like Farmacia Victoria in Havana.
Q: Is satellite internet reliable for trading?
A: Starlink isn’t officially available, but community networks (SNET) and 3G mobile data work for basic transactions.
Final Tips
Start with small amounts ($10-$20) to test platforms. Join Cuban crypto communities on Telegram (@CriptoCuba) for real-time market prices and trusted seller recommendations. Always prioritize platforms with escrow services to avoid scams in Cuba’s unregulated market.
