The government of the Cuban Republic is discussing the notion of using crypto coins in an attempt to improve their failing economy. The new Cuban cryptocurrency is meant to fix the economic issues in the country that stem from economic sanctions imposed by the government of the United States.
Another problem is the reduction of aid from the country’s ally, Venezuela, and President Trump’s decision to increase sanctions against Cuba. The embargo has been placed in October 1960 by President D.D. Eisenhower.
The economic reforms, presented by President Miguel Diaz-Canel and the Cuban Government, is supposed to raise money for 1/4 of the Cuban citizens and boost market reforms.
The main purpose of these changes is to encourage development of production and demand in Cuba. This is due to the fact that the sanctions enforced by the United States directly target tourism and foreign participation in the market.
One of the most well-known efforts of the government will probably be raising pensions and also wages for those employed by the government. The medium wage was raised from $25 to $ 44.5.
Despite all of this Cuban citizens are still skeptical and believe that these changes won’t be enough to break the gap between salaries and the expenses of living.
The move to create a crypto coin is reportedly influenced by Venezuela’s launch of its coin called Petro (PTR) in 2018.
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