Cuban government is considering using cryptocurrency to fight economic crisis and sanctions.
President of the country Miguel Diaz-Canel announced on television that the authorities plan to use virtual currency in a new national program of income of the population (about a quarter) and reform of the market economy.
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After Cuba faced a crisis due to falling exports, cutback aid from allied Venezuela, and U.S. trade, the government seeks to increase national production and social demand to stimulate economic growth.
Cuban Economy Minister Alejandro Gil Fernandez said that the country’s leadership and scientists are exploring the potential use of cryptocurrencies for domestic and international commercial transactions..
The move may have been partially influenced by Venezuela, which launched its national digital currency El Petro last year. and began to transfer social services to it. payments.
text: Ivan Malichenko, photo: Unsplash