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."

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."