Cuba can launch cryptocurrency to cope with economic crisis

Posted 03 July, 2019

Cuba can join Venezuela in an attempt to avoid US sanctions via launch its own cryptocurrency. Another reason for such a move is actions aimed at easing the consequences of the economic crisis that hit the country.

According to media reports, the government is considering possible areas where cryptocurrency can be used in terms of national and international commercial activities. At the same time, Cuba's Economy Minister Alejandro Gil Fernandez noted that they closely cooperate with scholars for this purpose.

However, the government intends to apply crypto only as a part of a large-scale project for the economic recovery and living standards boosting. As ar esult, it is also planned to raise performance of state companies, promote local production, take import substitution steps, expand exports, implement currency liberalization.

At present, Cuba has fall even deeper in crisis especially due to reduced help from Venezuela, agressive sanctions by Washington, including long-lasting trade embargo. The US sanctions hit tourism and foreing investment in the country. 

It is expected that the government's economic stimulation will include increase in pensions and salaries for people working in the public administration, social services. For example, they used to get about $25 on average, while the level is likely to move to $44.5.

It should be mentioned that Maduro's plan to overcome crisis via El Petro was hardly successful.

Previous story

04 July, 2019 11:26

← Facebook responds to congressmen shots at Libra: David Marcus

Following numerous offensive statements and critics towards the crypto project Libra from the authorities and regulators, David Marcus, head of a blockchain arm of Facebook, has decided to shed the light on the launch of Libra and dispell their concerns.

Facebook responds to congressmen shots at Libra: David Marcus

Next story

03 July, 2019 15:31

US authorities keep pressing for suspension of Libra project →

Facebook's cryptocurrency project keeps facing strong pressure from the authorities and regulators. The Libra coin was highly criticized just after its announcement. The authorities continue requiring the company to suspend development of the project...Five more congressmen signed an opened letter to Facebook asking the same. 

US authorities keep pressing for suspension of Libra project
Write a comment
Prove you’re not a bot + 17 = 33