Cuba plans to use bitcoin to overcome U.S. sanctions

22.04.2021 |

The Cuban government intends to use cryptocurrencies in the development of its national economy. This is stated in the “principles of economic and social development of the party and revolution”. Thus, the authorities of the island of freedom intend to reduce the impact of the United States sanctions on the country’s financial condition.

Last fall, Cubans ranked second in the number of searches related to bitcoin and other cryptocurrencies. The government’s policy toward free digital assets is similar to Venezuela’s. The friendly country from South America already uses bitcoin in its economy and has created its own cryptocurrency, El Petro.

The Cuban authorities plan to improve the efficiency of the public sector, increase domestic production and import substitution, as well as significant liberalization of currency regulation and attitude to free cryptocurrencies. The latter have been considered by the country’s regulator since at least 2019. At that time, it was said that this was only one side of a fairly wide range of planned measures.