Cuba is considering the use of cryptocurrency to circumvent US sanctions

The Cuban government is exploring the possibilities of cryptocurrency and how to use them to circumvent American sanctions, as well as to develop the island’s economy.

As President Miguel Diaz-Canel said, thanks to new economic measures and the use of cryptocurrencies, a quarter of the population of Cuba will increase their income. Also funds will be spent on the implementation of reforms.

It should be noted that Cuba suffers from the consequences of a large-scale economic crisis in Venezuela – it was this country that was previously the main source of assistance for Cuba.

“We are exploring the potential of using cryptocurrencies in national and international commercial transactions. And we are working on this jointly with scientists, ”said Cuban Minister of Economy Alejandro Fernandez (Alejandro Gil Fernandez).

Politicians did not tell about whether they plan to create their own national cryptocurrency, or use already existing public coins, such as Bitcoin.

Recall that Venezuela launched its own cryptocurrency El Petro, designed to circumvent the US sanctions. The President of the country has repeatedly called for
foreign investors to invest in it.