Cuba's Central Bank Suspends US Dollar Deposits Nationwide – Officials Cite Embargo 'Obstacles'.
13 Jun 2021, 21:05
Cuba’s Central Bank Suspends US Dollar Deposits Nationwide – Officials Cite Embargo ‘Obstacles’
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’s restrictions stems from the “obstacles that the U.S. embargo creates for the national bank system.”
Cuba Bans USD Deposits, BCC Tells Tourists to ‘Arrive With a Currency Other Than the Dollar’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’s 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 that was aired on state-sponsored Cuban television.
“In 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’s bank and financial system,” the Central Bank of Cuba (Banco Central de Cuba, BCC) members said.
Yamilé Berra Cires, the vice president of the BCC, explained during the roundtable discussion that at the beginning of the Trump administration’s leadership, the U.S. tightened the embargo’s 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.
On Friday, the Miami Herald reported that USD in the Cuban black market skyrocketed 3x higher than the global exchange rate at 70 Cuban pesos. 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. “It is ever more difficult for Cuba to find international banking or financing institutions willing to receive, convert or process U.S. currency in cash,” Berra Cires further remarked.
“People who will be coming into the country during this time will have to arrive with a currency other than the dollar,” Francisco Mayobre Lence the BCC’s first vice president said.
BCC Minister-President: ‘There Is No Other Option’Of course, after hearing about the USD ban in Cuba, members of the cryptocurrency community wanted Cuba to adopt digital currencies like El Salvador recently did with bitcoin. “It’s like [a] 50-year embargo. It’s really depressing,” one individual wrote about the Cuba situation with America on Reddit. “Will they take crypto now?” another Redditor asked in the r/cryptocurrency thread. Another crypto enthusiast responded to the question and said:
I doubt they want to be the last Latin American country to do so.
Minister-president of the Cuban central bank, Marta Sabina Wilson González explained during the roundtable discussion that Cuba had no choice but to make the decision. “We 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,” the minister detailed.
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113 Jun 2021, 21:12
Crypto Whale Says He’s Preparing To ‘Buy Tears’ and Bet on Two Small-Cap Altcoins
One crypto whale says he’s getting ready to “buy tears” amid the ongoing correction in the markets as he bets big on two under-the-radar small-cap altcoins.In a tweetstorm, the pseudonymous whale known as Crypto Messiah tells his 132,000 followers not to bother trying to buy bottoms and sell tops. “You’ll never buy the bottom… and you’ll never sell the top.Average in/out is the only way to do this. I’m extremely confident that we haven’t seen the last of ‘productive assets.’I’m also extremely confident that this decentralized finance (DeFi) bear [market] won’t be extended.I’m here to buy tears.”Crypto Messiah says that he’s keeping an eye on the DeFi index, which is a weighted average of 25 of the biggest decentralized finance (DeFi) coins, similar to the S&P500 or Dow Jones index.The whale says that once the DeFi index reaches a final support level down near 6,000, he’ll be looking to go long.“Here’s my plan… whether it turns out to be a good plan or a bad plan is yet to be seen…Watching FTX DeFiperp. When/if we get here… people will be in agony. I [will] buy.Solid confluence between previous lows/bull trend line. 2 sigma below yearly vwap (Volume-weighted average price) – hoping for reversion.”Source: CryptoMessiah/TwitterThe crypto veteran goes on to reveal the only two low-cap altcoins he’s heavily investing when the sell-off takes place.“Targets for blood buys are ALPHA/ROOK.Nothing else.Keeping it concentrated. Watching it closely.”Alpha Finance (ALPHA) is an ecosystem of DeFi products that aim to address the limited availability of products outside the Ethereum network, as well as the lack of liquidity on decentralized exchanges (DEXs). At time of writing, ALPHA is trading at $0.58 according to CoinGecko.KeeperDAO (ROOK) is a decentralized organization that provides liquidity to markets of smart-contract-based solutions. At time of writing, ROOK is trading at $148.67 according to CoinGecko. As for Bitcoin, it appears Crypto Messiah is still bullish on the king cryptocurrency. Last week, in an episode of Delta-Fi, the analyst claimed that El Salvador would likely be the first domino to fall in a big trend of global Bitcoin adoption.“It’s the first domino in a string of many disenfranchised nations and then maybe, other countries that are looking to reduce their reliance on US dollars. Coming in and saying like ‘Hey we want to go with Bitcoin. We want to go with a currency for our country that can’t be manipulated, that can’t be controlled…’It is kind of an interesting situation because I hear that the IMF (International Monetary Fund) is meeting with the president of El Salvador soon, and there’s no way they’re going to be happy about that. So on the positive side of things, this could be like the shot heard around the world. I understand that the GDP (gross domestic product) of El Salvador is pretty much the same as the market cap of Dogecoin (DOGE), but at the same time, the fact that this has happened is huge, and several other nations that have been disenfranchised are following suit.”
Crypto Whale Says He's Preparing To 'Buy Tears' and Bet on Two Small-Cap Altcoins.
Crypto Whale Says He’s Preparing To ‘Buy Tears’ and Bet on Two Small-Cap Altcoins
One crypto whale says he’s getting ready to “buy tears” amid the ongoing correction in the markets as he bets big on two under-the-radar small-cap altcoins.In a tweetstorm, the pseudonymous whale known as Crypto Messiah tells his 132,000 followers not to bother trying to buy bottoms and sell tops. “You’ll never buy the bottom… and you’ll never sell the top.Average in/out is the only way to do this. I’m extremely confident that we haven’t seen the last of ‘productive assets.’I’m also extremely confident that this decentralized finance (DeFi) bear [market] won’t be extended.I’m here to buy tears.”Crypto Messiah says that he’s keeping an eye on the DeFi index, which is a weighted average of 25 of the biggest decentralized finance (DeFi) coins, similar to the S&P500 or Dow Jones index.The whale says that once the DeFi index reaches a final support level down near 6,000, he’ll be looking to go long.“Here’s my plan… whether it turns out to be a good plan or a bad plan is yet to be seen…Watching FTX DeFiperp. When/if we get here… people will be in agony. I [will] buy.Solid confluence between previous lows/bull trend line. 2 sigma below yearly vwap (Volume-weighted average price) – hoping for reversion.”Source: CryptoMessiah/TwitterThe crypto veteran goes on to reveal the only two low-cap altcoins he’s heavily investing when the sell-off takes place.“Targets for blood buys are ALPHA/ROOK.Nothing else.Keeping it concentrated. Watching it closely.”Alpha Finance (ALPHA) is an ecosystem of DeFi products that aim to address the limited availability of products outside the Ethereum network, as well as the lack of liquidity on decentralized exchanges (DEXs). At time of writing, ALPHA is trading at $0.58 according to CoinGecko.KeeperDAO (ROOK) is a decentralized organization that provides liquidity to markets of smart-contract-based solutions. At time of writing, ROOK is trading at $148.67 according to CoinGecko. As for Bitcoin, it appears Crypto Messiah is still bullish on the king cryptocurrency. Last week, in an episode of Delta-Fi, the analyst claimed that El Salvador would likely be the first domino to fall in a big trend of global Bitcoin adoption.“It’s the first domino in a string of many disenfranchised nations and then maybe, other countries that are looking to reduce their reliance on US dollars. Coming in and saying like ‘Hey we want to go with Bitcoin. We want to go with a currency for our country that can’t be manipulated, that can’t be controlled…’It is kind of an interesting situation because I hear that the IMF (International Monetary Fund) is meeting with the president of El Salvador soon, and there’s no way they’re going to be happy about that. So on the positive side of things, this could be like the shot heard around the world. I understand that the GDP (gross domestic product) of El Salvador is pretty much the same as the market cap of Dogecoin (DOGE), but at the same time, the fact that this has happened is huge, and several other nations that have been disenfranchised are following suit.”