El Presidente Posted March 24 Share Posted March 24 The price of the dollar today reaches $330.00 Cuban pesos. This is how the euro and the MLC are in Cuba’s informal market March 24, 2024 The price of the US dollar in Cuba’s informal market has hit a new high, reaching $330.00 Cuban pesos (CUP) for each USD. This increase aligns with the upward trend that the dollar and euro have been experiencing in recent days, posing challenges for the Cuban population already struggling with economic difficulties. According to the daily exchange rate shared by El Toque, the US dollar saw a 2 CUP increase in the last few hours, reaching $330.00 CUP, just slightly below the euro which stands at around $335.00 CUP. This discrepancy between the two currencies does not necessarily reflect international exchange rates, as the informal Cuban market operates independently of global currency trends. In comparison, the Freely Convertible Currency (MLC) is holding steady around $275.00 CUP, maintaining a significant gap with the euro and US dollar. The rise in the dollar’s price is linked to various factors such as foreign currency scarcity, trade restrictions, and US economic sanctions. Additionally, the growing migration trend in Cuba has fueled demand for dollars and euros, further strengthening their value against the Cuban peso. The depreciation of the Cuban peso against the dollar has far-reaching consequences for the economy, impacting citizens’ purchasing power and living costs. While Cuban authorities have expressed concern and proposed measures to address this issue, controlling the informal currency market remains a challenge. Link to comment Share on other sites More sharing options...
VeguerosMAN Posted March 24 Share Posted March 24 Cuba should go all in on crypto like El Salvador. Link to comment Share on other sites More sharing options...
JohnnyO Posted March 25 Share Posted March 25 19 hours ago, VeguerosMAN said: Cuba should go all in on crypto like El Salvador. Please develop that statement a bit further on how that would work in Cuba as it hasn't in El Salvador. John 1 Link to comment Share on other sites More sharing options...
VeguerosMAN Posted March 25 Share Posted March 25 Are you sure it hasn't worked in El Salvador? The country is turning around as they went all in BTC around 15k. The fiat system only benefits who controls the printing machine which is the fed. When the value of currency (such has BTC) is the same where ever you are in the world the little guys have a chance to sit at the same table as the big boys. Link to comment Share on other sites More sharing options...
JohnnyO Posted March 25 Share Posted March 25 Yale did a study and they are finding that Juan Q Publico does not trust and does not use it in El Salvador. Cash is king. The MLC is failing miserably in Cuba as locals prefer USD or Euros. Also the digital CUP market is non-existent as vendors can transfer funds but cant withdraw it physically from the banks. Cubans are quite paranoid as to the government monitoring their financial transactions, so that is another reason why the digital CUP has failed. Bags of cash is the order of the day. You were saying how it will work in Cuba... Link to comment Share on other sites More sharing options...
VeguerosMAN Posted March 25 Share Posted March 25 2 hours ago, JohnnyO said: Yale did a study and they are finding that Juan Q Publico does not trust and does not use it in El Salvador. Cash is king. The MLC is failing miserably in Cuba as locals prefer USD or Euros. Also the digital CUP market is non-existent as vendors can transfer funds but cant withdraw it physically from the banks. Cubans are quite paranoid as to the government monitoring their financial transactions, so that is another reason why the digital CUP has failed. Bags of cash is the order of the day. You were saying how it will work in Cuba... It may seem impossible to you now but fiat money is dying. They can't just keep printing money without consequence and I personally don't believe what Yale has to say (they have gone "woke"). What do they have to lose at this point in Cuba? I said they "should" go all in on Crypto and try something new. Crypto is King and will replace all fiat money in the near future. But then again we have different opinions which is fine. 4 hours ago, JohnnyO said: Please develop that statement a bit further on how that would work in Cuba as it hasn't in El Salvador. John I am sorry, you are right. I didn't say it will work but they should go all in Crypto and see what happens. Link to comment Share on other sites More sharing options...
El Presidente Posted March 25 Author Share Posted March 25 25 minutes ago, VeguerosMAN said: I didn't say it will work but they should go all in Crypto and see what happens. .....because that balls deep strategy has worked wonders for them so far 2 Link to comment Share on other sites More sharing options...
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