When the U.S. imposes economic sanctions, the effects can be crippling for the affected countries.
One such country to come under the United States’ fire is Cuba, whose economy is crippled in large part due to the economic war that’s intensified under President Donald Trump. And Cuba is now reportedly studying cryptocurrency as an alternative to its devalued fiat currency as a method of evading these sanctions and boosting its dying economy, according to SBS News.
Besides the sanctions from Washington, D.C., Cuba’s economy has also suffered from a reduction in the aid it used to receive from Venezuela, which is dealing with its own hobbled economy, as well as dwindling exports. However, instead of letting his country spiral into economic turmoil, it seems that Cuban President Miguel Díaz-Canel is taking proactive steps to ensure his country’s economic viability.
In his announcement, Canel reportedly said that the government’s crypto plan will boost national production, which in turn will catalyze economic growth for as long as the sanctions persist.
Jimmy has been following the development of blockchain for several years, and he is optimistic about its potential to democratize the financial system.