Cuba folds cryptocurrencies into its economic policy

The Cuban government has included cryptocurrency in “the guiding principles of the party and revolution’s economic and social policy” through 2026.

The initiative is designed to support the economy under the sanctions imposed by the United States. Specific details were not disclosed.

The idea has been studied at least since 2019. ForkLog reported that the package of measures includes improving the efficiency of state enterprises, stimulating local production, import substitution, expanding exports, currency liberalisation, and so on.

As an example, the authorities could study Venezuela’s experience. The friendly Latin American country developed its own digital currency El Petro and made possible the use of Bitcoin and other digital assets on the national payments platform.

As sanctions tightened, residents of Cuba have turned to cryptocurrencies more often. In November 2020, Cuba reached second place in the number of searches related to Bitcoin.

A recent US intelligence report warned that stablecoins and privately issued digital currencies pose a threat to the dollar.

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