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   885

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.

Casa to Launch Lightning Node Mobile App Called Sats

Casa to Launch Sats App With Lightning Network Support
04 July 2019   932

Casa startup, specializing in the creation of secure storage systems for private keys, introduced a mobile bitcoin application Sats App, which makes it easy to manage Lightning-node.

Sats App is positioned as a non-custodial bitcoin wallet "with unique functions." According to Casa CEO Jeremy Welch, the SatsBack reward program will soon be launched, under which users will receive small amounts in BTC. For example, for connecting an application and a Casa Node device to each other, the user will receive 20,000 Satoshi.

Features are focused on increasing adoption of bitcoin and lightning nodes. You will be able to earn bitcoin if you don’t have a Casa node, but you will be able to earn bitcoin faster if you have a node.
 

Jeremy Welch 

CEO, Casa

He also added that the application, available for iOS and Android, is “secure, private and connects via Tor”.

According to CoinDesk, the startup earlier raised $ 3.5 million from Castle Island Ventures, Boost VC and Compound, and several other investors. Currently, a startup staff of 25 people serves users from 60 countries.