Cuban President Discusses Adopting Cryptocurrencies for the Convenience of the National Economy
Cuba has been actively discussing the possibility of adopting cryptocurrencies over the last few months during high-political summits. This time, the president of the Caribbean island discussed crypto assets once again during a virtual currencies topic on the summit agenda, talking about the possibility to consider it for future economic plans.
Discussions Underway Despite Domestic Crypto-Related Scams
According to Periodico Cubano, Miguel Díaz-Canel told regional governors and politicians during a virtual summit about a possible upcoming crypto adoption phase for “the convenience” of the national economy.
He wants to assess the feasibility of implementing such decentralized technologies and their impact on the country. Interestingly, Díaz-Canel is an electronic engineer.
Cuba to Fight Financial Disturbance by Potentially Adopting Crypto Last Updated May 14, 2021 @ 12:46
The president of Cuba – Miguel Díaz Canel – plans to cope with the economic turmoil in the country via the help of cryptocurrency.
The government officials of Cuba examine crypto adoption as an instrument to overcome financial turbulence in the country. This comes a few weeks after the Cuban authorities started discussing the implementation of digital assets in the economy.
Crypto vs. Monetary Turmoil
The economic situation on the island of Cuba suffered heavy setbacks due to the consequences of the COVID-19 pandemic. Moreover, the government implemented crippling sanctions on the residents, which had a catastrophic effect on the local economy.
Cuban cement exports fall 40% in 2020 01 April 2021
Despite domestic shortages, Cuba exported 21,235t of cement at a value of US$1.04m in 2020, representing a 39.7 per cent drop YoY, according to Periodico Cubano. In 2019 the country exported 35,224t of cement with a value of US$1.885m – most of the product was shipped to Colombia.
In terms of export prices to Colombia, prices have been declining from US$53.50/t in 2019 to US$49/t. The Cuban national statistics office (ONEI) reported that the unit value of cement exports was US$38.70/t in 2019. This compares with offers of Vietnamese export product of US$53-54/t.