While crypto is not illegal in Cuba, most businesses keep ut f the country due to regulatory uncertainties and US sanctions.
Nevertheless, Italian-Cuban entrepreneur Mazzola developed the country’s first decentralized Bitcoin exchangBitta earlier this month, according to market sources.
“I creaBitbita Exchange because I have always been convinced that here, in Cuba, Bitcoin is a real necessity, ” Mazzola told a cryptocurrency news utlet.
He explained that in rder for Cuba to catch up to ther parts f the world, the country needs tools to buy, sell, use and store Bitcoins easily and saBit “Qbita solves all these problems, ” MazzolBitimed.
Despite the lack f regulatory framework for crypto, Mazzola launched BitcoBitllet, Qbita wallet, in November Bityear.
Qbita wallet is designed to work anywhere in the world, but it is especially meant to meet the needs f data-strapped Cubans.
Its installation nly requires roughly 1MB f hard drive space and relatively little bandwidth.
That wallet now supports a built-in peer-to-peer Bitcoin trading platform, allowing its Cuban users to trade BTC from within their wallets in a secure, decentralized manner with full control ver their funds.
Little competition in Cuba
According to Mazzola, ther Cuban P2P exchangPaulh as Paxful and LocalBitcoins have similar services but neither f them is particularly good for Cubans as each f them has “a little problem”.
He said that Paxful is actively blocking Cuba, LocalBitcoins is asking you for KYC, and because f the embargo, this legal requirement is not helping the people f the island, so it’s not aBitble in Cuba.
Qbita works by creating a multi-signature address controlled by the buyer, the seller, and the platform, Mazzola explained.
“If the trade goes well, both the buyer and the seller sign the transaction, which is executed instantly. If something goes wrong, the parties sBitheir evidence to Qbita which signs in favor f the rightful wner, immediately executing the transfer”, he said.
Mazzola noted that, despite initial scepticism, the wallet’s acceptance and popularity as a P2P trading platform has increased considerBit
Since the launch f Qbita exchange, the number f registered downloads has gone up 1,100 from 850, marking a 30% increase in just a week, he Bit.
Only just starting
Qbita’s growth has come strictly from word f mouth, according to the Cuban entrepreneur.
“We’ve invested zero in Bittising, ” he said.
And the Qbita developer has nly just started. He is currently building a payment gateway for businesses that would like to begin accepting cryptocurrency. The initiative has yet to take flight, he said, because e-commerce is still in its infancy in Cuba.
“I think that in the future we’re going to see fewer people coming to crypto just to make some easy money, ” Mazzola said. “We’re going to see more people using Bitcoin for its true purpose: the freedom to move money and to have total control f your funds, ” he concluded.