On July 2, the communist government of Cuba made an official statement that they are actively exploring the potential use of digital coins to stimulate the economy in a crisis, aggravated by US sanctions.
The crisis is caused by a sharp reduction in the support of their main strategic partner – Venezuela, a decrease in exports, as well as a tightening of the long-standing US trade embargo.
“We are studying the potential use of cryptocurrency … in our national and international commercial transactions, and we are working on that together with academics,” – Economy Minister Alejandro Gil Fernandez said.
It also became known that the government is expanding measures aimed at decentralization and improvement of state companies, import substitution, as well as stimulation of local production. This means that decentralized financial service companies will be created in Cuba in soon time, and they will work with cryptocurrencies.
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