Cuba considering introduction of cryptocurrency

Cuba’s Communist government announced that it was studying the potential use of cryptocurrency as part of a series of measures to boost its economy amid a deepening crisis exacerbated by U.S. sanctions.

Cuba’s top ally Venezuela introduced a cryptocurrency last year aiming to avoid U.S. sanctions and weather hyperinflation, although it never properly got off the ground.

Cuba’s inefficient state-run economy is facing a crisis due to a sharp decline in Venezuelan aid, lower exports and the tightening of the decades-old U.S. trade embargo under President Donald Trump.

Economy Minister Alejandro Gil Fernandez said that the government was studying the potential use of cryptocurrency in national and international commercial transactions, and we are working on that together with academics”.

Via Reuters