Russia proposes Cuba a settlement centre based on the digital peso

Russia proposed to Cuba to bring the economy out of the shadows with a unified settlement centre based on the digital peso. This was reported by «РИА Новости», citing the press service of business ombudsman Boris Titov.

The project was discussed during a business meeting in Havana with the head of the Cuban central bank, Marta Gonzalez. The proposed mechanism purportedly would shield the country’s financial system from external sanctions.

“The economies of our partners are in dire need of two things: cleaning up money flows while simultaneously increasing ease of doing business and protecting the financial system from external sanctions,” Mr. Titov explained.

According to him, Russia proposed Cuba “a combined option capable of solving both tasks.” The proposal involves creating a special settlement center with a banking licence through which financial transactions would be processed both domestically and for foreign-trade deals.

Earlier, in October 2022, Anatoly Aksakov, the head of the State Duma Committee on the Financial Market, called the EU’s decision to fully ban servicing Russian crypto wallets a spur for the development of digital financial assets in the country.

In January 2023, Alexander Brazhnikov, executive director of the Russian Association of Crypto Industry and Blockchain, said that Iran and Russia are discussing the possibility of creating a joint gold-backed stablecoin for foreign-trade settlements.

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