Cuba to fight financial disturbance by potentially adopting crypto

The Cuban government officials examine crypto adoption as an instrument to overcome financial turbulence in the country.

Cuba to fight financial disturbance by potentially adopting crypto

Government authorities of the country have already started discussing the implementation of digital assets in the economy a few weeks ago.

The country’s economy is going through heavy setbacks due to the consequences of the COVID-19 pandemic. Moreover, the government implemented crippling sanctions on the residents, which had a catastrophic effect on the local economy.

According to the report published on the matter, the president of Cuba – Miguel Díaz Canel – together with the country’s authorities, now plan to face these issues with the help of cryptocurrencies. 

The president’s intentions did not come as a surprise. Last month, the Communist Party of Cuba (PCC), Congress put ahead proposals that might contain finding out how digital assets can boost the country’s shattered economy.

Back in 2019, the Cuban authorities made a similar announcement on how cryptocurrencies can deal with the country’s monetary issues. 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.”