Cuba studies using cryptocurrencies to avoid economic sanctions
It is not clear yet whether the State intends to create its own cryptographic coin or, on the contrary, it will choose to adopt one of the best known in the ecosystem
According to a report published by Reuters news agency, the Cuban government is considering using crypto coins to avoid economic sanctions imposed by the US government.
The president of the Council of State of Cuba Miguel Diaz Canel asserted that this new plan that seeks to make use of digital currencies will raise capital to support the needs of 25% of the population helping to pay for the reforms.
For his part, the Minister of Economy of the island Alejandro Gil Fernandez, said: “We are studying the potential use of cryptocurrencies in our commercial and international transactions, so we are working together with connoisseurs of the matter.”
To date, it is not clear whether Cuba is seeking to create its own cryptoactive or whether it will implement one of the existing and most recognized currencies. Gil indicated that the modifications that involve the use of coins are very necessary and will provide greater decentralization to the economy that still works following old guidelines.
Evidently, the news generates much suspicion among critics and analysts for what seems to be a mechanism to avoid financial sanctions imposed by the United States. Likewise, the announcement highlights the strong crisis affecting the country’s residents, whose effects are aggravated by the situation of Venezuela, one of the allied nations.
L.Saenz
Source: Diario Bitcoin
