First P2P Bitcoin Exchange Available In Cuba Despite Unclarity In Regulations

By Chris Torres | April 24, 2020

The Italian-Cuban entrepreneur Mario Mazzola has reportedly built and made the first P2P Bitcoin (BTC) exchange available throughout Cuba. 

Specifically, Mazzola has officially released the “ultra-lightweight” Bitcoin exchange around the beginning of April, despite the existence of unclarity in terms of regulations across Cuba.

Particularly, although cryptocurrencies are bringing new opportunities to the people in the country, and the interest in such type of currencies is witnessing an incline, access to this feature is restricted, as a majority of exchanges have geo-blocked them from using crypto for payments. 

Mazzola reportedly believed that the presence of Bitcoin is beneficial for the citizen, thus has come up with the solution to tackle the services blocking problem, via establishing the new exchange – dubbed “Qbita”. 

Qbita will function as a means of purchasing, selling, storing and using Bitcoin in a safe and easy manner. 

Prior to releasing Qbita, Mazzola has rolled out the Qbita Bitcoin wallet in November last year – which was particularly developed to be compatible with the slow local Internet speed. 

“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.” Mazzola further described the current crypto scene in the region. 

“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.”

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