Bypass US sanctions and strengthen domestic finances at the same time, Cuba thinks seriously.
As Venezuela has done, and although its "Petro" cryptocurrency has never been properly launched, Cuba is considering stimulating its economy in the same way.
Cryptocurrency to mitigate US sanctions
Cuban growth is undergoing a major crisis, particularly because of sanctions imposed by the United States. In particular, they want to regulate the island's tourism industry, which accuses it of economic ties with local and military authorities.
The reasons for this crisis are multiple. Exports are currently down and the trade embargo is tightening with Donald Trump's presidency. In addition, Venezuelan aid has become much less important.
It is for this set of reasons that Cuba is currently thinking of a way to stimulate and revive its growth.
A revival of the growth of Cuba
The goal of Cuba? Copy Venezuela's idea of cryptocurrency. Last year, Venezuela effectively introduced the use of cryptocurrency to avoid US sanctions. And although it has never been launched correctly, it also helps prevent hyperinflation.
Cuban President Miguel Diaz-Canel has spoken out to announce several measures, including cryptocurrency.
That which allows to carry out financial operations without revealing its identity would be a means of circumventing the sanctions imposed on Cuban tourism and the foreign investments which are made on the island. This would allow, in short,. Especially since the prices are already frozen by the government and authorities of the island so that the purchasing power of the inhabitants is maintained.
However, this and other announced measures would not be sufficient. On the one hand, according to Cubans, this would not be enough to close the gaps and lead to economic recovery. On the other hand, nothing assures that this cryptocurrency works. It could soon be added to the list of assets sanctioned by Donald Trump, as was the Venezuelan cryptocurrency.
0 Comments