The seller of the car clarifies that he also accepts payments in other cryptocurrencies. The price of those vehicles is much higher in Cuba than in other Latin American countries.
A Cuban citizen put his car up for sale for USD 60,000 worth of Bitcoin (BTC) through an Internet site. That is the only vehicle on the platform that expressly accepts that payment method in the title of the publication.
The seller clarified in the description that he accepts other cryptocurrencies as payment, as long as it is an equivalent amount in BTC.
Cuban media reported that the seller wanted to receive 1 Bitcoin for the car. He even recommended that his potential buyers should buy the vehicle when the price of BTC dropped. That comment does not appear on the website at the moment, as he could have deleted it, or it was a response that he gave to a media outlet.
The price of the car seems exaggerated, especially since it is a used vehicle over ten years old. In contrast, in Venezuela and Colombia, its value can be around USD 12,000 under similar conditions. However, the prices of other vehicles on the same website indicate that it is consistent.
The Central Bank of Cuba (BCC) legalized Bitcoin as a form of payment on September 15th. The regulator stated that financial institutions and legal entities would require authorization to operate with crypto assets.
In the case of natural persons, they could conduct transactions with cryptocurrencies freely. However, the BCC warned that using these currencies poses risks of which its users should be aware.
Resolution 215/2021 of the BCC recognizes the payments of Bitcoin and other cryptocurrencies on the island. In addition, it establishes the granting of a license to crypto asset service providers that operate in the territory.
People Can Also Buy Cars With Bitcoins outside of Cuba
The use of cryptocurrencies as a form of payment has also grown in Argentina. Several dealerships in the South American country are accepting Bitcoin or other cryptocurrencies for their vehicles.
An Argentine car dealership made its first sale of a brand-new car in cryptocurrencies. The buyer took advantage of the plan offered by the firm to reserve the vehicle with crypto assets. In addition, he decided to pay the first installment of the financing with this method.
Natural persons are also interested in receiving cryptocurrencies in exchange for the items they offer for sale on Internet sites. On those pages, there are ads from users who want to sell clothing, books, tools, and cars, among others, in crypto assets.
Electronic commerce has grown so much in the last decade that it is no wonder that someone has bought something online. However, the use of Bitcoin and other cryptocurrencies proves the increasingly evident potential of this area. Now it is possible to purchase any product or pay for any insurance with crypto assets.
The legalization of payments with Bitcoin in Cuba is just one example of the influence of the pioneering cryptocurrency in the economy. Its adoption as legal tender in El Salvador is proof of the potential that governments see in this crypto asset.
By Alexander Salazar
