Suspension of Western Union Remittance Service to Cuba a Boon for Crypto

Reports suggest a growing use of cryptocurrencies by some Cuban residents. Cryptocurrencies are being used to pay for utilities and for cross border payments.

RIO DE JANEIRO, BRAZIL - As new U.S. government measures that impose restrictions on remittances to Cuba becomes effective after November 22nd, Western Union, which has been operating in the island nation since 1999, will close shop, at least for a while.

The new rule, which was published on October 27th, gave Western Union 30 days to implement new restrictions. The new rule is likely to increase the appeal of crypto assets as Cubans are now expected . . .

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