Crisis-hit Cuba eyeing cryptocurrency usage to boost its economy

The government of Cuba is considering the use of cryptocurrency to beat its economic crisis aggravated by U.S. sanctions, Reuters reported Wednesday.

Cuban Economy Minister Alejandro Gil Fernandez reportedly said: "We are studying the potential use of cryptocurrency ... in our national and international commercial transactions, and we are working on that together with academics."

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Cuba is facing crises due to lower exports, a sharp decline in help from its ally Venezuela, as well as U.S. trade sanctions, per the report.

The Caribbean country, therefore, has announced a few measures, including raising income for around a quarter of the population and deepening market reforms. With these initiatives, Cuba aims to increase national production as well as demand to boost its economic growth.

U.S. sanctions-hit Venezuela also launched a national cryptocurrency called petro last year. The country's President Nicolas Maduro recently said that Venezuela plans to sell oil in petros to "keep liberating" the country from "the currency of the Washington elite."

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Yogita Khatri is a senior reporter at The Block, covering all things crypto. As one of the earliest team members, Yogita has played a pivotal role in breaking numerous stories, exclusives and scoops. With nearly 3,000 articles under her belt, Yogita holds the records as The Block's most-published and most-read author of all time. Prior to joining The Block, Yogita worked at crypto publication CoinDesk and The Economic Times, where she wrote on personal finance. To contact her, email: [email protected]. For her latest work, follow her on X @Yogita_Khatri5.

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