As per the report, Cuba is apparently reviewing to include crypto in its economy. According to Cuban Economy Minister Alejandro Gil Fernandez, the ministry is studying the potential use of cryptocurrency in the commercial national and international transactions. Cuba’s Communist government is analysing the potential use of cryptocurrency to alleviate an economic crisis which is aggravated by stricter US sanctions under President Donald Trump.
After the Cuban government officials stated their intention to develop a cryptocurrency, to be used to avoid the economic sanctions imposed by the United States, John McAfee, the cybersecurity expert, and tech entrepreneur soon declared his willingness to work with the Cuban government as a crypto advisor.
McAfee offered his guidance pro bono and assured that the cryptocurrency project is viable and quite simple.
Furthermore, he posted on his twitter handle, “It would be trivial to get around the U.S. government’s embargo through the use of a clever system of currency. So I made a formal offer to help them for free on a private channel through Twitter.”
Countries under US sanctions such as Iran and Venezuela are pondering on the idea of using digital currency to trade although no scheme has appeared yet.
This idea of using cryptocurrency to get around US sanctions seems directly inspired from the Venezuela’s effort, to create its own digital currency for trade. However, McAfee blames past failures on false expectations.
According to the tech guru, so as to develop a successful Cuba’s cryptocurrency, it has to align itself with the reality of the country. He said, “You can’t just create a coin and expect it to fly.” It needs to be based on blockchain and have a proper structure so that it meets the specific needs of the country.
McAfee’s interest in helping the Cuban government in developing a cryptocurrency has much broader prospects and is based on the programmers own ideals of freedom.
McAffee plans to contest as a Libertarian Party presidential candidate for the 2020 US elections from the island and intends to extend his tourist visa indefinitely. It hasn’t been confirmed if Cuba’s government has accepted McAfee’s proposal of tourist visa extension.
McAfee plans to use Twitter, where he has 1 million followers for campaigning his Libertarian nomination.
Will the use of cryptocurrency in Cuba help in alleviating an economic crisis due to the economic sanctions imposed by the United States? Let us know in the comment section below.