Will adopting cryptocurrency help Cuba deal with its economic turmoil?
Looking to deal with economic malaise in the country, the president of Cuba – Miguel Díaz Canel – is considering cryptocurrency to provide a helping hand.
Just a few weeks after the Cuban authorities started discussing the implementation of digital assets in the economy, they are moving forward. Crypto adoption is currently being reviewed by government officials as an instrument to overcome financial turbulence in the country.
As a consequence of the COVID-19 pandemic, the economic situation on the island of Cuba suffered heavy setbacks. The crippling sanctions on the residents have had a catastrophic effect on the local economy.
As reported in the Periodico Cubano, Cuba’s president Miguel Díaz Canel is now planning to battle current issues with the help of cryptocurrencies.
In a virtual meeting, Díaz-Canel shared his intentions to ”keep informing the public” about any developments in the crypto space. He also raised awareness on the ongoing crypto scams that have been raging over the island, calling them ”investment pyramid schemes.” Without naming them specifically, he was likely referring to Trust Investing, a cryptocurrency investment platform with tens of thousands of affiliates in the country. The president made it clear that:
“These are neither promoted nor endorsed by the Cuban State.”
Cuba’s plans were sort of expected. Last month, the Congress of the Communist Party of Cuba (PCC) made some proposals to further explore digital assets in a role to aid in the country’s recovery.
In addition, it was already back in 2019 that the Cuban authorities made a similar announcement. The Minister of Economy and Planning then said:
”We are considering studying the application of cryptocurrencies in national and international commercial matters. Measures of this type can allow us to move forward. We have to look for alternative means to solve economic problems.”
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