The technology news website Decrypt reported that a Cuban-Italian entrepreneur has launched a bitcoin peer-to-peer trading platform in Cuba. Known as Qbita-a, the developer Mario Mazzola describes it as “a system built in Cuba for Cubans.”
Mazzola claims it to be the first decentralized bitcoin exchange but it is not without drawbacks. It is possible a slow internet connection and the nefarious US blockade could hamper usage.
The ultra-lightweight bitcoin platform was launched earlier this month. The system includes a bitcoin wallet, a payments platform, and a peer-to-peer exchange. It is the first decentralized bitcoin exchange of its type on the Island.
Cryptocurrency is not illegal in Cuba but there is no regulatory framework associated with it. However, about ten months ago, the government was reviewing the use of cryptocurrency as a part of the ongoing discussions on the new Economic Plan reforms for 2020.
Mazzola said in an interview:
“I created the Qbita exchange because I have always been convinced that here in Cuba, Bitcoin is a real necessity for Cuba to walk together with the rest of the world. The country needs tools to buy, sell, use, and store Bitcoins easily and safely and Qbita solves all these problems.”
The crytocurrency system is specially designed to meet the needs of Cubans. For installation, a user needs 1MB of hard drive space and uses very little bandwidth.
It is also reported that since the launch of the Qbita bitcoin system, the number of registered downloads has risen to 1,100 users, a 30% increase in one week.
Zoe Veraz is a content writer, freelance journalist and regular contributor to the Cuba Business Report.