Bitcoincuba to introduce Bitcoin payments to Cuba

The financial system is a little more complicated in Cuba, as there are two official currencies in circulation. One is the peso, which is used for government salaries and is worth USD 0.04, and the other is the CUC or convertible peso, which is worth USD 1.

With that, the current two-currency system could make Bitcoin transactions a bit trickier since it distorts the economy. Reports indicate that Cuba would have an even more difficult time if it switched to a single currency since it might spur wage volatility.

On a more positive note, Bitcoin could bridge these gaps, as it would introduce a uniform monetary value that is also typically measured against the USD. For now there are not many online merchants accepting cryptocurrency transactions since this is a relatively new concept in the country, but the increasing acceptance of Bitcoin in other nations in the region could help.