Reuters has reported today citing a source from the Cuban government that the country is reportedly working on the development of its own crypto in an attempt to avoid U.S. sanctions.
Apparently, following the example of Venezuela with its oil-backed crypto Petro, Cuba could be developing a cryptocurrency to avoid U.S. sanctions and boost its battered economy.
Cuba had been receiving aid from Venezuela until now, however, the horrendous situation the country is going through has interrupted this support, forcing Cuba to find a way to improve the situation of its economy.
These new measures, announced in a speech on the national television by President Miguel Diaz-Canel and his government, will increase incomes for about a quarter of the population and will help to pay for reforms.
The country's Economy Minister, Alejandro Gil Fernandez, has said:
"We are analyzing the potential use of cryptocurrencies... in our national and international commercial transactions, and we are working on this together with academics."
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