The Communist government of Cuba said that the country is studying the potential use of cryptocurrencies.
It seems that soon virtual currencies will really begin to replace paper ones.
The government sees cryptocurrency as part of numerous measures to improve its economy.
This approach was provoked by the deepening crisis caused by us sanctions.
Cryptocurrencies provide anonymity, financial operations and transactions. Cuba’s ally, Venezuela, introduced cryptography in 2018 to avoid sanctions and currency hyperinflation. However, this cryptocurrency did not work properly. The country’s inefficient economy faced a crisis as a result of the rapid reduction of Venezuelan aid, a reduction in exports and a tightening of America’s trade embargo under President trump.
As stated by the Minister of economy Alejandro Gil Fernandez:
“We are studying the possibility of using cryptocurrency … in our national and international commercial transactions and we are working on this together with scientists.”
If Cuba is able to recover its economy with cryptography, this event will help to increase the speed of mass introduction of virtual currencies around the world.