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   1404

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.

Authorities to Study Bankrupt QuadrigaCX

Canada Revenue Agency sent a request for access to the tax info from Oct. 1 2015 to Sep. 30, 2018
18 September 2019   43

The Canadian Revenue Agency (CRA) intends to examine corporate declarations that ceased to exist as a result of the bankruptcy of the QuadrigaCX bitcoin exchange, The Globe and Mail reports.

CRA sent a request for access to the tax reporting of the exchange from October 1, 2015 to September 30, 2018, that is, on the date when QuadrigaCX tentatively began problems with the withdrawal of funds.

The E&Y auditor, acting as the trustee of the exchange, intends to discuss the tax request and obtain permission from the court to disclose information.

At the same time, the company noted that one way or another they are forced to comply with the CRA requirements, although this will take a lot of time and delay the payment of compensation to victims.

At the beginning of the year it became known that QuadrigaCX lost access to user funds by $ 190 million, and somewhat later, Indian authorities confirmed the death of the founder of the exchange, Gerald Cotten.