The Cuban government is considering the possibility of using cryptocurrency to overcome the economic crisis, exacerbated by sanctions from the United States, according to Cryptobtcmining.com.
“We are exploring the potential use of cryptocurrencies … in our national and international commercial transactions, and we are working on this together with scientists ,” said Alejandro Gil Fernandez, Minister of Economy of the Caribbean Country.
As the news agency notes, Cuba is facing a severe economic crisis due to a reduction in exports, a sharp decrease in aid from the allied Venezuela and US trade sanctions. The latter most of all beat on tourism and foreign investment, therefore the government proposed a package of measures aimed at increasing domestic production and consumption to stimulate economic growth.
The most popular of the steps proposed by the authorities will be an increase in wages in the public sector. The average salary in state administration, the media and social services should grow from $ 25 to $ 44.5 per month.
Last year, Venezuela, also under US sanctions, launched the national cryptocurrency Petro (PTR) . The country's president, Nicolas Maduro, said that this year Venezuela’s main export commodity, oil, will be sold exclusively for PTR, in order not to depend on the US dollar.
While it is known that the South American country continues to discuss the possibility of settlements in Petro with Russia, and India (one of the main buyers of Venezuelan oil) refused to use cryptocurrency, despite the proposed 30 percent discount to the price of raw materials.
Publication date 03/07/2019
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