Fiat trades are often completed for a sizable fee by bike-riding crypto enthusiasts.
Cubans are finding new ways to circumvent the embargo sanctions imposed by the US government back in 1962. According to an October 26 report by Cuba's AFP news agency, remittances sent from the US to Cuba often pass through a clandestine network of "crypto enthusiasts" before being converted into Cuban pesos.
Erich García, a 33-year-old programmer and local YouTuber, told AFP that anyone who wants to send remittances to the island must buy Bitcoin and send it through a Cuban crypto exchange called BitRemesas.
Crypto users on the island then bid to offer recipients the best price for their coins via WhatsApp or Telegram. On average, a middleman from the network receives up to a 25% commission for their part in a risky and legally questionable operation.
After a deal is reached, the counterparties agree to a time and date to complete the trade.