Cuba has included cryptocurrencies in economic policy

by in Cryptocurrency News

Cuba

The Cuban government has included cryptocurrency in the "guiding principles for the economic and social policy of the party and revolution" until 2026.

The initiative is designed to support the economy in the face of US sanctions. Specific details are not mentioned.

The idea has been under study since at least 2019. The package of measures includes improving the efficiency of state-owned companies, stimulating local production, import substitution, increasing exports, currency liberalization, etc.

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As an example, the country's authorities can study the experience of Venezuela. The Cuba-friendly Latin American country has developed its digital currency, El Petro, and made it possible to use bitcoin and other digital assets on the national payment platform.

Recall that after the US tightened sanctions, Cuban residents began to turn to cryptocurrencies more often. In November 2020, Cuba came in second in terms of the number of searches related to bitcoin.

In the latest report, the US National Intelligence Service warned that stablecoins and privately issued digital currencies pose a threat to the dollar.