Cuba prepares for the release of national cryptocurrency

Cuba prepares for the release of national cryptocurrency

Cuba prepares for the release of national cryptocurrency

The government of Cuba plans to attract additional funding and get away from US sanctions.

Cuba is exploring the possibility of issuing a national cryptocurrency for use in national and international commercial transactions, said the country’s economy minister, Alexandro Gil Fernandez, according to Reuters. Due to this, the government plans to provide funding for civil servants, social services and the media.

The head of the republic, Miguel Diaz-Kanel, stressed that the plan for issuing cryptocurrency is being developed in order to attract capital for a quarter of the population and to provide support in financing reforms. At the moment, the technical details of the project are not known yet.

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About Shawn Morrison 204 Articles
One of the founders of BitzArena. Active with crypto currency since the rise of the bitcoin. Loves the innovative character of crypto and blockchain technology, and follows developments in the market closely. Likes to connect technology with business, and likes to make difficult concepts accessible to a wide audience.

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