Cuba seeks to avert economic crisis with cryptocurrency

Cuba is currently experiencing an economic crisis after sanctions were placed on the island nation by the United States. New reports indicate that it is now considering using cryptocurrency as a means of getting around the restrictions placed upon it due to the ease of its use and the anonymity it provides.

The cryptocurrency route has already been adopted by Venezuela, which launched its own digital coin "petro," to avoid U.S. sanctions.

Cuba considering a similar move is a sign of the country's dire circumstances as it indicates that it is prepared to take a risk in the nascent industry if it meant alleviating its current conditions.

The increased restrictions on trade by the U.S. under the Trump administration is only making the situation even more difficult for the country. This new measure to make use of cryptocurrency was announced by the president of Cuba, Miguel Diaz-Canel himself, SBS-AAP reports.

The crypto-focused initiative will aim to raise national production and demand in order to boost growth. Among the benefits that are expected to come with this new initiative are an increase in wages and safety nets for public workers.

There has yet to be an announcement as to what form this new project will take.

Venezuela's petro has still not captured the international market, CoinDesk noted. Soon after launch, the cryptocurrency was added to the list of sanctioned assets by U.S. President Donald Trump.