Home Cryptocurrency Communist Party of Cuba Suggests Including Cryptocurrencies as an Alternative to Deal With Economic Crisis

Communist Party of Cuba Suggests Including Cryptocurrencies as an Alternative to Deal With Economic Crisis

by Serge Shlykov

When a country is facing a major economic crisis or ongoing political turmoil, cryptocurrencies are often put forward as an alternative to cope with the difficult times. Although crypto is not an unknown topic in Cuba, the Cuban Communist Party (CCP) recently expressed interest in digital assets to counter the economic crisis.

Representatives of parties who wish to assess the feasibility of cryptographic products in the current economic climate

According to Director Cubano, some members of the CCP have suggested that the country enter the crypto space as an alternative, given the current economic crisis the island is experiencing.

Cuba is in the grip of an economic crisis due to international sanctions imposed a few years ago, which has affected the country on many fronts, including tourism.

At the eighth congress of the Communist Party of Cuba, delegates called for cryptocurrencies to be included as part of their updated guidelines for the party’s economic and social policies and the revolution.

Cubadebate, a Cuban media outlet, mentioned that at the Havana congress it was proposed to encourage the study of cryptocurrencies in the current economic context.

However, the CCP did not elaborate on the proposal to include cryptographic material. Nevertheless, the Cubanao director suggested that the Cuban Communist Party could follow the example of Venezuelan President Nicolas Maduro by creating a state symbol like the Petro (PTR).

Kovid-19 and US sanctions Strengthening the use of cryptography in Cuba

So far, the Cuban government led by Miguel Diaz-Canel has shown no interest in making cryptocurrencies a state affair.

In general, Cubans have faced serious restrictions on money transfers in recent years due to new measures by the US government, which have forced companies such as Western Union to close their operations on the island.

In 2020, some Cubans are reportedly increasingly using cryptocurrencies, with cryptocurrencies being used for utility bills and cross-border payments.

In addition, travel restrictions imposed to combat the spread of Covid-19 appear to have led to an increase in the use of crypto-currency by Cuban expatriates when sending money.

What do you think of the Cuban Communist Party’s interest in cryptography? Let us know your comments in the section below.

Photo credit: Shutterstock, Pixabay, Wiki Commons

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