Over 100K Cubans evade taxes using cryptocurrency as a stair.

Over 100,000 Cubans are breaking the tax law by

using cryptocurrency as a stair.

According to a broadcast from either the broadcasting tv or radio channel the National Broadcasting Company (NBC) on May 2, 2022, 100,000 Cubans are exploiting digital currencies. According to the research, growing cryptocurrency utilization is attributed to the fact that Cubans are unable to utilise certain transaction methods attributable to US restrictions imposed on Cuba.

According to a video segment aired by NBC, around 100,000 Cubans are utilizing virtual currencies such as bitcoin. For example, the NBC news crew questioned Nelson Rodriguez, the proprietor of a Cuban eatery that takes bitcoin and Ethereum. He stated that he "claims to believe in the theory" of cryptocurrency holdings. While displaying a variety of ancient automobiles still used by Cubans today, the NBC reporter goes on to add that Cubans are looking forward to the future.

According to the survey, 100,000 Cubans have used digital currencies as a result of improved connection speeds over the previous three years. Other Cuban developers questioned by NBC noted how particular payment service providers such as Paypal, Revolut, and Zelle were prohibited in Cuba. "We say see you later, [and] we may not need anyone again," Cuban innovation Erich Garcia says in the film, describing how cryptocurrencies may enable people to avoid the old financial system. Garcia continued:

I plan to use cryptocurrencies to grow my organization.

According to NBC, Cuba's central bank has approved crypto and has established licencing rules for cryptocurrency-related service suppliers. The overall structure and rules presented by the Cuban administration in decree number 89/2022 were covered. According to the NBC news piece broadcast on Monday, well-known financial firms such as Deutsche Bank and JPMorgan have been punished for offering payment processing to Cuba.

Dr Emily Morris, an economist at the University College London, tells an NBC journalist via video conferencing that she must be not astonished that Cubans are interested in this technique. Morris discussed the advantages of peer-to-peer interactions that do not require the use of a financial institution. Morris decided that if they can utilise a "different route, that will be of relevance."

The writer also spoke with a singer called Ernesto Cisneros, who said the Covid-19 outbreak had reduced his livelihood. Cisneros, a Cuban artist, then moved to non-fungible token technologies, transforming his songs into NFTs and putting them up for online sale. Just in the final scene, Cuban businessman Garcia emphasizes that the usage of digital currencies cannot be prohibited for Cubans, and "that's a truth."