By Ifaenyi Egede (Nigeria)
Qbita Cuba Bitcoin Exchange
According to reports coming out of Cuba, it has shown that despite the lockdown and financial difficulty experienced the population of Cuba; they are determined to overcome all these obstacles. A citizen of the island nation has taken the responsibility of making sure bitcoin overcome the difficulties it is facing in the country.
At the start of the month, founder and CEO of Bitcoin wallet Qbita Mario Mazzola started the first decentralized Bitcoin exchange platform in the country. While there are no laws against cryptocurrencies in Cuba, the same can be said for its regularity in the country and with this fact in mind, coupled with many other hindrances such as poor internet services are the reason most crypto exchanges avoid the island nation. With all this in mind, the CEO decided to make crypto services available in his home country while debuting a Bitcoin wallet, a payment platform and a P2P exchange platform.
Mario Mazzola told Decrypt in an interview that “I created Qbita Exchange because I have always been convinced that here, in Cuba, Bitcoin is a real necessity. And in order for Cuba to catch up to other parts of the world, the country “needs tools to buy, sell, use and store Bitcoins easily and safely, Qbita solves all these problems,” he said. The CEO further said he launched the wallet last November to cater for the need of data strapped individuals in his native country, but it can work anywhere in the world with the size of the wallet application a meagre 1MB and needs little bandwidth for usage.
Also read:The wallet allows a recently upgraded built-in peer-to-peer Bitcoin exchange platform which allows its customers to trade their BTC in a secure and decentralized way with total control over their funds and digital currencies. Mazzola stated that his innovation has the edge over other exchange platforms like Paxful and LocalBitcoins that operate in the country as regards to the fact that his wallet was made explicitly for Cubans. “Of course, there are other platforms in the market like Paxful and Localbitcoins, both are models for us, but each of them has a little problem,” Mazzola said. “Paxful is actively blocking Cuba, LocalBitcoins is asking you for KYC, and because of the embargo, this legal requirement is not helping the people of the island, so it is not available in our Country,” he stressed.
And despite the harsh economic conditions as a result of the Coronavirus pandemic, Mazzola said he is optimistic that things would return to normal as soon as the cure for the disease is found while stating he expects Bitcoin to bounce back too. “I think that in the future we’re going to see fewer people coming to crypto to make some easy money. We’re going to see more people using Bitcoin for its true purpose: the freedom to move money and to have total control of your funds,” he said.
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