Cuba Looking Into Cryptocurrency

cryptowarrior88 (59)in #cryptocurrency • 5 years ago

According to news reports online, the Cuban government is looking into cryptocurrencies in a bid to bolsters the country’s economy amid U.S.-led sanctions.

The communist government announced on state-run media outlets that it could potentially use cryptocurrencies as a part of a package aimed to boost incomes for as many as ¼ of the Cuban populations and can serve as catalyst for market reforms.

The package could boost some pensions and wages for employees within public administration, social services and state run media.

The president of Cuba, President Miguel Diaz-Canel states that the cryptocurrency plan is aimed to raised national production and demand to boos the overall economy of the country.

Only time will tell if this cryptocurrency strategy will work in favor of Cuba and it is important for them to learn from past initiatives of governments who tried implementing a national cryptocurrency initiative.