The first bitcoin exchange in Cuba opens: Qbita

Cuba witnessed the launch of its first peer-to-peer (P2P) Bitcoin exchange called Qbita. Spearheaded by Italian-Cuban entrepreneur Mario Mazzola, this decentralized exchange aims to provide Cubans with a reliable platform for buying, selling, using, and storing Bitcoins.

While most Bitcoin businesses shy away from Cuba due to regulatory uncertainties and hefty American sanctions, Mazzola took the lead in developing and deploying Qbita. The lack of a clear regulatory framework for digital assets in Cuba did not deter him from creating a platform that could benefit ordinary citizens.

 

Mazzola defines Bitcoin as a necessity for Cubans. However, most existing Bitcoin exchanges have geo-blocked Cuban users, preventing them from accessing their services. Qbita aims to bridge this gap by providing an accessible and user-friendly platform.

Before launching the Qbita exchange, Mazzola had already introduced the Qbita Bitcoin wallet in November 2019. The wallet is specifically designed to function seamlessly in Cuba’s context, where slow internet services prevail. With a mere 1MB in size, the Qbita wallet can operate even with basic internet connections.

While other Bitcoin exchanges and wallet services like Paxful and LocalBitcoins exist, each has its limitations. Paxful actively blocks Cuba, and LocalBitcoins requires Know Your Customer (KYC) verification, which is not feasible due to the U.S. embargo.

 

Since its launch, the Qbita exchange has seen a surge in registered downloads, increasing from 850 to 1,100 in just a week. While these numbers may not be massive, Mazzola remains optimistic that Cubans will recognize the potential of Bitcoin for national and international transactions.
 

In summary, Qbita represents a significant step toward empowering Cubans with access to Bitcoin, despite the challenges posed by regulations and limited internet connectivity. As the Bitcoin landscape evolves, Qbita’s impact on financial inclusion and economic freedom in Cuba remains a promising development.