Cuba’s third unofficial currency could potentially be Bitcoin.

Fernando Villar, founder of BitcoinCuba, made the first transaction earlier this week over the Nauta network.

“It’s about showing Cubans and the Bitcoin community that it is now possible to receive Bitcoin through Nauta, the Cuban state-run public Wi-Fi,” said Villar during an interview with Crypto-Currency News.

“This will hopefully open everyone’s eyes on the possibilities and finally put Cuba on the Bitcoin map.”

Cuba has two currencies in circulation, a regular peso, which is used for general purchases, and the CUC, or convertible peso. The latter is considered to be a more valuable option, trading equally against the dollar. In a move to regulate CUC transactions, the local government imposes a 10-cent “dollar penalty” and a 3-cent conversion fee during foreign conversions or remittances.

Despite several attempts to get rid of the system, analysts say that the government is not ready for a single, unified currency.

For bitcoin, such controls are ideal conditions that can help boost adoption in the region. Individuals could circumvent costly transaction fees by using the digital currency to facilitate payments.

Furthermore, Cuban citizens have the option to hold on to bitcoin using a secure online wallet, instead of converting the money back to the regular currency.

Bitcoin’s lax regulations are currently being exploited in China, where locals face similar barriers. According to a recent Goldman Sachs report, over 80 percent of the digital currency is exchanged to Chinese yuan.

“We strongly feel that even a minimal adoption to Bitcoin will start to help Cuban entrepreneurs sell their goods or service globally in a simple and efficient way,” highlighted Villar. “These entrepreneurs are going to be the ones that are going to elevate the economy in the near future.”