Bitcoin and other cryptocurrencies have grown in popularity in recent months, drawing the attention of some governments.
On Saturday (17), some participants in the 8th Congress of the Communist Party of Cuba (PCC) suggested and analyzed the implementation of cryptocurrencies in the Cuban economy to face the economic crisis.
According to Cuban Directory, it is unclear whether the move points to a state-owned digital currency or the direct implementation of cryptocurrencies.
CBDC or not?
At the event, new proposals were analyzed and discussed to add to the last consultation of the “guidelines of the economic and social policy of the Party and the Revolution”.
The plan follows the main lines of work for socioeconomic development in the country until 2026. Its last update was recorded in April 2016.
Although the government has not provided much detail to the press, it has been said that studies involving cryptocurrencies must be advanced.
In this sense, two scenarios are possible: the implementation of a digital currency, or CBDC; or the use of cryptocurrencies in international negotiations.
Cryptocurrency adherence to socialist policies
While the issuance of a central bank digital currency (CBDC) is not confirmed, the Cuban population continues to invest in cryptocurrencies already available on the market.
With Bitcoin appreciation, now quoted at US $ 56 thousand, local youths are embracing the use of cryptocurrencies to carry out financial and commercial transactions.
However, this is not the only reason for the increasing use. According to the Cuban Directorio, the economic restrictions imposed by the United States also boost this interest in the country.
Economic allies
In 2018, a Cuban allied government announced the creation of a digital currency. Nicolás Maduro installed Petro in Venezuela, a controversial digital currency supposedly backed by the country’s oil reserves.
Since its inception, the project has been viewed with suspicion by cryptocurrency enthusiasts, given the lack of details about the project.
In addition, in 2020, the US government extended economic sanctions to the country, prohibiting negotiations with the cryptocurrency.
It remains to be seen whether a Cuban digital currency would have the same fate as Petro.
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