Cuba has already been exploring the idea of making cryptocurrency an official part of the Communist Party agenda since 2019. As revealed in the recent announcement, the government of the country is officially making crypto, a part of its economic policy.
The Communist Party of Cuba Makes Cryptocurrency an Official Part of Its Agenda
In accordance with the recent revelations, the government of Cuba approved a proposal to include cryptocurrency as part of the economic and social policy guidelines of the party and of the revolution until 2026.
As for your information, and public policy in the country is talked about and decided upon in massive assemblies held by the Communist Party of the country.
With intentions to improve the economy of the country in the times of global economic sanctions that were initiated by the United States, the attendees proposed several changes during the eighth congress of the Communist Party of Cuba.
In addition to this, the list of the approved proposals will be functioning as a sort of general guideline that provides the government bodies with intentions to fulfill over the next five years.
Talking about one of those objectives, it will now be:
“To advance in the study of cryptocurrencies in the current conditions of the economy.”
Moreover, the idea that Cuba should look into ways to use cryptocurrency to evade economic sanctions had already been discussed by government officials. However, the recent measure makes it the official policy now.
Though not many details have been revealed, the Communist Party of Cuba is yet to elaborate its particular plans regarding cryptocurrency.
The Growing Hold of Bitcoin Over Ethereum
Cryptocurrencies and most prominently Bitcoin, have increasingly become a part of the larger geopolitical discussion.
Peter Thiel, the Co-Founder of PayPal and Palantir has recently floated the possibility of China using BTC as a financial weapon that has the potential to threaten the global hegemony of the US dollar.
Along with this, major institutions of the United States like Blackrock, Tesla, Skybridge, and even Miami continue to look to Bitcoin as a potential inflation hedge, protecting their assets should the dollar decline.