Cuba is currently in the same condition as Venezuela, suffering from US sanctions and immersed in an inflationary surge. Like its main ally, who used Petro last year, Cuba is putting its hopes in digital assets to boost its economy.
Resolve sanctions and financial crises
Seriously affected by the Venezuelan crisis, Cuba is currently experiencing unprecedented financial difficulties, aggravated by US trade sanctions.
To address this, the Caribbean government has advocated a number of measures to boost supply as well as aggregate demand in order to boost economic growth.
This policy would be to increase the purchasing power of at least a quarter of the population and to adopt new provisions to make the market efficient, through cryptocurrencies.
Reform the economic system
Cuba still hesitates to decide on the alternative of launching its own cryptocurrency, or to be enough of Bitcoin (BTC). The country is still struggling on the issue, especially on the prospects that would be particularly beneficial for the economy.
Alejandro Gil Fernandez, the Cuban Minister of Economy, said:
“We are studying the potential use of cryptocurrency in our national and international business transactions, and we are working with academics.”
To observe the economic benefits of the Venezuelan Petro, which has not been able to impose itself on the international level, the Cuban state nevertheless places all its confidence in the adoption of cryptocurrency.
Gil Fernandez is convinced of the considerable contribution of crypto-currencies for the country’s economy, since it would make it possible to get rid of the centralized model inherited for more than half a century, which is currently considered obsolete.
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