{"id":8203,"date":"2021-06-13T19:54:49","date_gmt":"2021-06-13T19:54:49","guid":{"rendered":"https:\/\/www.buyucoin.com\/crypto-labs\/cubas-central-bank-suspends-us-dollar-deposits-nationwide-officials-cite-embargo-obstacles\/"},"modified":"2021-06-13T19:54:49","modified_gmt":"2021-06-13T19:54:49","slug":"cubas-central-bank-suspends-us-dollar-deposits-nationwide-officials-cite-embargo-obstacles","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/cubas-central-bank-suspends-us-dollar-deposits-nationwide-officials-cite-embargo-obstacles\/","title":{"rendered":"Cuba\u2019s Central Bank Suspends US Dollar Deposits Nationwide \u2013 Officials Cite Embargo \u2018Obstacles\u2019"},"content":{"rendered":"

The Republic of Cuba is suspending the use of U.S. dollars due to embargo restrictions with U.S. and foreign banks. The central bank of Cuba\u2019s restrictions stems from the \u201cobstacles that the U.S. embargo creates for the national bank system.\u201d<\/strong><\/p>\n

Cuba Bans USD Deposits, BCC Tells Tourists to \u2018Arrive With a Currency Other Than the Dollar\u2019<\/h2>\n

Cuba, the island country located where the Caribbean Sea, Gulf of Mexico, and the Atlantic Ocean meet, said this week U.S. dollars will be suspended in the country. The mandate comes from the country\u2019s central bank and foreign tourists have been told to leave U.S. dollars at home when visiting. The announcement was invoked at a roundtable discussion<\/a> that was aired on state-sponsored Cuban television.<\/p>\n

\u201cIn view of the obstacles that the U.S. embargo creates for the national bank system to deposit abroad the U.S. dollars that are collected in the country, a decision was made to temporarily suspend deposits in U.S. banknotes in Cuba\u2019s bank and financial system,\u201d the Central Bank of Cuba (Banco Central de Cuba, BCC) members said.<\/p>\n

Yamil\u00e9 Berra Cires,<\/a> the vice president of the BCC, explained during the roundtable discussion that at the beginning of the Trump administration\u2019s leadership, the U.S. tightened the embargo\u2019s grip. The United States has had an embargo with Cuba since 1958 and the U.S. has had numerous issues with Cuba during the Eisenhower presidency and Kennedy presidency as well. After the 2008 crisis, the U.S. and Cuba seemed to gravitate toward friendlier terms during the Obama presidency.<\/p>\n

On Friday, the <\/span>Miami Herald reported<\/span><\/a> that USD in the Cuban black market skyrocketed 3x higher than the global exchange rate at 70 Cuban pesos. <\/span><\/p>\n

However, BCC vice president Berra Cires claims issues have gotten worse since Trump and said 24 foreign banks stopped dealing with Cuba. Berra Cires also said during the roundtable discussion that 95 foreign financial institutions reported on the transgressions of Cuban national banks doing business with counterparties. \u201cIt is ever more difficult for Cuba to find international banking or financing institutions willing to receive, convert or process U.S. currency in cash,\u201d Berra Cires further remarked.<\/p>\n

\u201cPeople who will be coming into the country during this time will have to arrive with a currency other than the dollar,\u201d Francisco Mayobre Lence the BCC\u2019s first vice president said.<\/p>\n

<\/p>\n

BCC Minister-President: \u2018There Is No Other Option\u2019<\/h2>\n

Of course, after hearing about the USD ban in Cuba, members of the cryptocurrency community wanted<\/a> Cuba to adopt digital currencies like El Salvador recently did with bitcoin. \u201cIt\u2019s like [a] 50-year embargo. It\u2019s really depressing,\u201d one individual wrote about the Cuba situation with America on Reddit. \u201cWill they take crypto now?\u201d another Redditor asked in the r\/cryptocurrency thread. Another crypto enthusiast responded to the question and said:<\/p>\n

I doubt they want to be the last Latin American country to do so.<\/p>\n

Minister-president of the Cuban central bank, Marta Sabina Wilson Gonz\u00e1lez explained during the roundtable discussion that Cuba had no choice but to make the decision. \u201cWe had no choice but to take this measure, which we are explaining at the Round Table, as we always do when it is a measure that affects the people, who will understand that there is no other option,\u201d the minister detailed.<\/p>\n

What do you think about Cuba restricting the use of U.S. dollars in the country? Let us know what you think about this subject in the comments section below.<\/strong><\/em><\/p>\n

Bitcoin News
\nEconomics, America, Banco Central de Cuba, BCC, Central Bank, central bank of Cuba, Crypto, Crypto forum, cuba, Cuba and U.S., Cubans, Embargo, Marta Sabina Wilson Gonz\u00e1lez, Obama, Pesos, Reddit, Round Table, Trade Embargo, Trump, U.S. Dollars, USD, Yamil\u00e9 Berra Cires<\/p>\n","protected":false},"excerpt":{"rendered":"

The Republic of Cuba is suspending the use of U.S. dollars due to embargo restrictions with U.S. and foreign banks. The central bank of Cuba\u2019s restrictions stems from the \u201cobstacles that the U.S. embargo creates for the national bank system.\u201d Cuba Bans USD Deposits, BCC Tells Tourists to \u2018Arrive With a Currency Other Than the…<\/p>\n","protected":false},"author":0,"featured_media":8204,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[53,3],"tags":[],"class_list":["post-8203","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain-news","category-coin-news"],"_links":{"self":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/8203"}],"collection":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/comments?post=8203"}],"version-history":[{"count":0,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/8203\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/8204"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=8203"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=8203"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=8203"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}