Send to Kindle
www.pixabay.com
Cuba has announced it is considering the use of cryptocurrency in order to bolster its finances.
According to a report from SBS-AAP, the country’s Communist government announced on state-run TV that it would potentially use crypto as part of a package aimed to boost incomes for as much as a quarter of Cubans and assist with market reforms.
The move is possibly influenced by the nation’s ally, Venezuela, which launched its own “petro” cryptocurrency early last year. It’s not clear from the report if Cuba might launch its own token or use existing alternatives, Coin Desk reported.
Cuba's inefficient state economy is facing a crisis due to a sharp decline in Venezuela's aid, a lower export and tightening of the US trade embargo in the current decade under the current president Donald Trump.
The new measures were announced by President Miguel Diaz-Canel and his government on state-run TV. They are expected to increase incomes for about a quarter of the country's population and deepen market reforms in one of the last Soviet-style economies that were launched from the previous president of island state Raúl Castro.
“We are planning to explore the potential application of cryptocurrency […] In fact, we’ve gone further and decided to study the potential use of cryptocurrency in national and international commercial relations.”, saidAlejandro Gil Fernandez, the country’s Minister of Economy and Planning.
Hurricane Melissa regained strength on Tuesday as it moved away from Jamaica and headed toward Cuba, once again becoming a Category 4 storm
The United States has launched a diplomatic campaign aimed at isolating Cuba at the United Nations, urging allies not to back the annual resolution calling for the lifting of the long-standing American embargo
A large-scale cryptocurrency fraud scheme worth over 100 million euros has been dismantled following an international operation coordinated by the European Judicial Cooperation Office
An Argentine judge has been assigned to investigate allegations of fraud against President Javier Milei following his promotion of the $LIBRA cryptocurrency
The Biden administration has announced plans to remove Cuba from the United States' list of state sponsors of terrorism
Ruja Ignatova, the notorious figure behind the OneCoin cryptocurrency scam, is reportedly alive and being hidden by international criminal cartels
Three candidates have been nominated to represent Bulgaria as European Prosecutor: Dimitar Belichev, Mihaela Raydovska, and Plamen Petkov.
Serbia’s intelligence agency has reportedly conducted tests on dogs using sound guns in cooperation with Russia’s Federal Security Service (FSB), according to documents obtained by POLITICO
EU foreign policy chief Kaja Kallas made a lighthearted remark to European Parliament leaders, suggesting that the current state of global affairs might make it a “good moment” to start drinking
Military personnel from several European countries, including Germany, France, Sweden, and Norway, began arriving in Greenland this week, following an invitation from Denmark
The United States has completed its first sale of Venezuelan oil under the Donald Trump administration, with the transaction valued at USD 500 million (around BGN 1.1 billion / €460 million)
The European Union has unveiled the details of a 90 billion euro financial package to support Ukraine, with the bulk of the funds earmarked for defense as the conflict with Russia nears its fifth year.
Bulgaria's Strategic Role in the EU's Drone Wall Defense Initiative
When Politics Means Violence
