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Thanks to Bitcoin, a Cuban startup can escape the economic blockade

September 11, 2020

BitRemesas is a Cuban startup that would manage to get around the economic, economic and financial blockade by allowing money transfers to arrive to Cuba. This emerges from an interview of the Todo Startups portal with Erich García, who founded BitRemesas together with Edo Pujol.

García and Pujol are programmers, and with their initiative, Cubans can now receive transfers via Bitcoin.

García stated: “It mainly covers (…) the space or loophole created by the sanctions imposed by the United States on the banks of the United Kingdom and France or any company from now on in relation to the transmission of transfers to Cuba in Power is. It’s a problem Anyone can send Bitcoin via BitRemesas and it will be received in Cuba (…) “.

Thanks to Bitcoin, a Cuban startup can escape the economic blockadeThanks to Bitcoin, a Cuban startup can escape the economic blockade

When asked how they discovered the business opportunity, he replied, “With cryptocurrencies there is no sanctionable bank, there are no applicable legal provisions, there is no taxable regulation, total financial freedom, which in this case for a good, but it is known that it can be used to wield evil, we have no doubt about that. ”

And besides, he explained that Bitcoin allows “internationalization”, but is also the most popular cryptocurrency. However, he also made it clear that they haven’t ruled out the use of ETH, LTC, and others.

The business model

Regarding the process and the business model, García specified: “The sender sends a wire transfer to his relative in Cuba so that the crypto asset reaches a centralized wallet, which then offers the amount sent in the form of an auction to thousands upon thousands of cryptocurrency buyers who offer to purchase this asset at the best possible price for both parties . . Once this sale is complete, the winner is required to send the transfer corresponding to the beneficiary from Cuba and the rest of the money in this offer is the BitRemesas platform win. ”

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