Cryptocurrencies the new financial lifeline of the Cuban government

The Cuban president said that at the time he will inform the Cuban population if they adopt cryptocurrencies for financial operations

Photo: by Jack Taylor / Getty Images). / Getty Images

Cuban President Miguel Díaz-Canel reported during a meeting with governors that he is analyzing the convenience of the use of cryptocurrencies for the island’s financial operations , which due to sanctions does not have access to the global financial system.

The Cuban president said that in due course he will inform the population, on national television, if the decision to adopt cryptocurrencies is made.

For his part, the first secretary of the Communist Party of Cuba (PCC), warned on the attention to be paid to pyramid schemes with virtual currency . And he mentioned the existence of a report of operations with fraudulent companies that work with investments in cryptocurrencies, warning that these companies “do not are neither promoted nor endorsed by the Cuban State ”

In this sense, recently, a director of the Cuba Trust Investing company, Ruslan Concepción, was arrested for alleged crimes in this matter, and he is still arrested on the Caribbean island, according to information from his relatives on social networks. According to the EFE agency, the young Cuban businessman was detained at the airport before a family trip to Russia.

The Cuban businessman claimed to earn up to a thousand dollars a day with his investments in This platform dedicated to cryptocurrency transactions, ironically its slogan was “financial freedom.”

The serious economic crisis that the island of Cuba has been experiencing for decades is well known and As in many countries, for a long time the remittances sent by Cuban migrants abroad were a great support for the Cuban economy.

However, this inflow of remittances and dollars to Cuba is currently almost nil because since the administration of Donald Trump again imposed restrictions on money transfers from the United States to the island , the Cuban government has done everything possible to take control of the limited remittances that the inhabitants of the island receive.

For this reason, they have provided “facilities” with programs and promotions in costs for sending remittances to Cuba and especially for receiving them.

Currently, almost halfway through the year and having passed the 100 days of the government of US President Joe Biden, Cubans are still in the expectation about whether the new administration will allow the installation of US remittance companies on the island again.

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