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.