Cryptocurrency In Cuba To Be Used To Skirt U.S. Sanctions: Report

Cryptocurrency in Cuba has not been that much popular as a topic. However, the latest cryptocurrency news show that the country is the latest in a row which would consider using crypto to skirt the US sanctions. According to reports from Reuters quoting government sources, this may be Cuba’s newest initiative in the digital currency markets.

The country’s president, Migual Diaz-Canel, has spoken publicly on local television and said that the plan would raise capital for around one quarter of the population. This, according to him, could help to pay for reforms.

Meanwhile, cryptocurrency in Cuba has been only a popular topic because of the knock-on effect from the crisis which occurred in Venezuela – where crypto was a major source of help.

“We are studying the potential use of cryptocurrency… in our national and international commercial transactions, and we are working on that together with academics,” the minister of economy in Cuba Alejandro Gil Fernandez said on Reuters.

Other best cryptocurrency news sites noted that cryptocurrency in Cuba for this specific use is inspired from Venezuela and the rolling out of its own state-run cryptocurrency, Petro, last year. Designed to dodge sanctions too, Petro’s use has so far remained limited because of lack of international interest.

The following use of cryptocurrency in Cuba also inspires other countries to consider the usage.
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One of them is Iran, which is facing an even more hostile U.S. reception. Right now, it remains unclear whether Cuba is looking at creating its own cryptocurrency token and be featured in the altcoin news – or is seeking to use an existing public one such as Bitcoin (BTC).

As Gil Fernandez further noted, the cryptocurrency sponsored reforms are much needed right now. They would also allow some form of decentralization in an economy that is still largely operated under Soviet principles.

There are also many other plans for cryptocurrency in Cuba, some of which aimed at companies that are operating in the country’s Mariel Special Economic Zone. As the plans show, these companies could receive a portion of sales in hard currency.

While Cuba is looking to adopt cryptocurrency, we can see a new rise on the markets and an influx of a couple of billions.