Cuba to Consider Cryptocurrency in its Economic Plan 2020

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Cuba is considering the use of cryptocurrency as a part of the ongoing discussions on the new Economic Plan reforms. Cuba’s Councils of States and Ministers held a round table (mesa redonda) on Tuesday, broadcast on Cuban TV and attended by President Miguel Diaz-Canel. What emerged from those discussions is that the government is considering the use of cryptocurrency as a means to manage increased U.S. sanctions, strengthen its economy and assist in market reforms. The announcement by President Diaz-Canel to study cryptocurrency was made alongside other economic plans including the news of diversifying exports, increasing salary and pensions and other market reforms. Cryptocurrency is a digital asset which uses encryption techniques to transfer funds between stakeholders. It functions independently of the dollar-centered world financial…




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