Cuba’s government is considering utilizing cryptocurrency as part of a series of measures to boost its economy amid a deepening crisis exacerbated by U.S. sanctions.
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The announcement was made by Cuba’s President Miguel Diaz-Canel on government-funded TV with the goal of raising national production and demand to boost growth.
Earlier this year, Cuba’s ally Venezuela launched its own “petro” cryptocurrency. Similar to Venezuela, Cuba is under strong U.S.-led sanctions.
At this time, it’s unclear whether Cuba will launch its own cryptocurrency or utilize existing ones.
According to President Diaz-Canel, the program would increase some pensions and wages for employees within public administration, social services and state-run media, almost doubling their average monthly wage.
Venezuela’s petro cryptocurrency has not yet taken off internationally, even after the country attempted to pitch the currency at OPEC as a way for the world to pay for oil.
Soon after the Petro launched, U.S. President Donald Trump added the asset to a list of sanctioned assets.
Firms caught assisting the Petro project have also been sanctioned by the U.S. Treasury, including a Russian bank.