Is Cuba Going along with Cryptocurrencies’ Revolution

Is Cuba Going along with Cryptocurrencies’ Revolution

Cuba reportedly intends to develop its cryptocurrency like what took place in Venezuela. Among the troubles it encounters is the U.S. sanctions and not having enough aid from its allies.

Interestingly, John McAfee, the billionaire living in Havana welcomed the decision made by the Cuban government. He has made his mind to choose Cuba as his headquarter to hold his campaign of 2020 presidential election. He believes that it can help the people of this country to get rid of difficulties brought about by the U.S. sanctions, and he states he is ready to help.

A report by SBS-AAP that was announced on a TV supported by the state that the use of crypto is aimed to help increase the incomes and alleviate the process of market reforms. In this report, Cuba’s president, Miguel Diaz-Canel, stated the purpose of developing cryptocurrency is ultimately the economic growth of the country.

As it was pointed out, Cuba’s ally, Venezuela, with its about 1.5-year-old cryptocurrency, petro can influence its decision. On the other hand, it is not still clear whether Cuba will launch its own token or use the available ones. Surprisingly, Venezuela’s token has not still been popularized around the world despite being introduced as a tool for paying the oil at OPEC.

The launch of cryptocurrency is a part of a package the mission of which is the improvement in the wages of the staff in public administrations, social services and media supported by the government; however, the public opinion is not very much positive about it being a sole savior of this crisis-stricken country according to Reuters.

The common point between these two countries is the U.S. sanctions which resulted in more loss for Cuba than Venezuela. These sanctions started in 1960s for Cuba. There has been even sanction on petro imposed by the U.S. government since the time it has been launched.

Taking all of the above facts into account it seems that cryptocurrency and Blockchain technology can help the countries which are in the same political boat to circumvent sanctions.