Greetings Hive Community, today I am going to talk to you about Cuba's first 100% digital currency: "The MLC" and its impact on Cuba's commerce.
Image by Steve Buissinne from Pixabay
Yes, 100% digital like BTC but its technology is not blockchain based 😕. The equivalent of 1 MLC is 1 USD. You may wonder what its acronym means, it stands for Currency Freely Convertible (Moneda Libremente Convertible), although some around here also know it by the name of Maria Luisa Carrasco, for a humorous program called Living by the Story, it is in fact, the program with more teleaudience in Cuban television.
The creation of this type of account and of stores that would accept this type of payment began in October 2019, with the objective of capturing the currency of the people who go abroad for the purchase of goods such as motorcycles, splits, grills, freezers, among others, which could only be obtained through imports.
Image generated by Lexica
But then it would take a more important role in the entry of foreign currency into the country since the Covid-19 affected the main entry of foreign currency into the country, tourism and this triggered that measures were taken, progressively most stores in the country ended up accepting only MLC as a method of payment, this meant that a lot of basic goods are only available in these stores, and can buy people who receive remittances from abroad or buy MLC in the informal market since banks do not sell it and workers also do not receive their salary in that currency, curious isn't it?
This has also caused most people to have to buy basic products and foodstuffs at higher prices through resellers since the supply of stores is often insufficient and the stores that still accept the Cuban peso (CUP) are almost empty, without any important products.
Image generated by Lexica
But there are favorable things, it has created jobs, there are some people who make a living trading MLC with the CUP and the USDT, I am more of a Forex trader, although when given the opportunity I do some trading 😉. In this way they also make available the purchase of the MLC for people who do not receive remittances from abroad, since as I said in the previous paragraph the government does not sell MLC.
So far my publication, if you have any questions let me know. If you liked the content support me by commenting, liking and sharing, see you next time. 🙂
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I'm afraid this coin will only be available to tourists as lobster and beef :)
Will it feature Fidel Castro? :)