Cuba Wants to Bypass Sanctions With Crypto

Financial minister says cryptocurrencies are considered only as one of the components of a broad plan to improve the economy and raise the standard of living
04 July 2019   883

Cuban authorities are exploring the possibility of cryptocurrency to bypass US sanctions and mitigate the effects of the economic crisis, reports Reuters.

We are studying the potential use of cryptocurrency ... in our national and international commercial transactions, and we are working on that together with academics.
 

Alejandro Gil Fernandez

Economy Minister, Cuba

However, according to the official, cryptocurrencies are considered only as one of the components of a broad plan to improve the economy and raise the standard of living.
The complex of government measures includes improving the efficiency of state-owned companies, stimulating local production, import substitution, increasing exports, currency liberalization, etc.

American sanctions and the cessation of support from Venezuela had a strong impact on Cuba’s economy, lowering the already low standard of living of the population. Depending on the industry, at present the average salary of a local worker is equivalent to 25-40 US dollars. There is a shortage of some food products in the country, which is why the authorities have imposed restrictions on the purchase of various goods.

The release of currency El Petro did not really help Venezuela to cope with the acute socio-economic crisis, accompanied by record hyperinflation.

GRAM May be Traded at Liquid at Triple ICO Price

Bloomberg says that Telegram tokens, that may appear at Liquid will be sold by Gram Asia at $4 per token, but there's no official info from Telegram
04 July 2019   878

Even before the official public release of the cryptocurrency of the messenger, Telegram can increase in price by 200% relative to its value during the initial offer of coins. It is reported by Bloomberg.

As previously reported, Telegram tokens may appear on the Liquid Bitcoin Exchange already on July 10. The distributor is Gram Asia, which calls itself the largest holder of GRAM tokens in Asia. It intends to put up for sale rights to cryptocurrency at $ 4 per unit.

At the same time, one of the investors said to the publication that at the time of purchase the price of 1 Gram was $ 1.33.

It is worth noting, however, that after the announcement of the public sale of Telegram tokens to Liquid, the media reported that this intention had nothing to do with the official plans of Telegram.

Then one of Telegram's investors stated that no one has the right to sell tokens before their official launch in accordance with the signed agreement. Moreover, representatives of the popular messenger noted that they first heard about Gram Asia.

Later, CEO Liquid Mike Kayamora admitted that Telegram has no relation to the placement on Liquid: the deal was concluded exclusively between the exchange and Gram Asia, which allegedly is an incubator for the TON project.

The Block's leading analyst Larry Chermak on several tweets expressed skepticism about the announced Telegram tokenale based on the Liquid stock exchange, saying that he would “think twice before making a decision to invest.”