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 During crisis, Cuba turns to Crypto!

 

The isle of Cuba announced that it is now considering the use of crypto as a way to bolster its finances.

According to a report, Cuba’s Communist government announced on television that it would potentially use cryptocurrencies as part of a series of measures that are aimed to boost incomes for as much as a quarter of Cubans and assist with market reforms.

 

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Following their close ally, Venezuela, Cuba too have looked to the decentralized world to support the conventional banking and economic system. Venezuela, interestingly, launched its own “petro” cryptocurrency early last year as a response to embargoes from the United States. It is not evident from the announcement if Cuba might launch their own token or use an existing alternative. Like its ally, Cuba too is suffering from tough U.S-led trade sanctions and has seen a reduction in aid from Venezuela.

In the press mention, Miguel Diaz-Canel, Cuba’s President indicated that the cryptocurrency plan was aimed to raise national production and demand in order to boost growth. The rest of the package would purportedly boost pensions and wages for employees within public administration, social services and state-run media, increasing their wages by over 70%.

 

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 It isn’t just distressed economies that are turning to Crypto. Several stories of crypto adoption have seen the light of day in recent times. Walmart China made a public announcement of using VeChain’s blockchain platform for food tracking appear to be building strong use-cases for Crypto, last week. In other news around the world, Malta, the famed blockchain island, offered a boost to Crypto adoption by ensuring that all rental contracts in the in the country would be on the blockchain. Further, Amazon owned Twitch recently began accepting BTC as a means of currency and trade.

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The first half of 2019 has been littered with blockchain breaking barriers in existing systems and look like they’re all offering a filip to Crypto becoming mainstream.

Have a look at the most comprehensive Blockchain Landscape report for 2019: Read the entire report here!

 
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