Cuba has not yet developed state policies on cryptocurrencies. The Communist Party has referred to Bitcoin as a candidate to “dethrone the US dollar.”
According to the Communist Party of Cuba (PCC), Bitcoin (BTC) will be part of their new economic guidelines for the 2021-2026 period. They advanced the information during their VIII Congress in Havana in recent weeks.
Mercedes López Acea, a member of the Political Bureau, the highest agency of the upper management of the PCC. According to the official, they will seek to “advance the study of cryptocurrencies in the current conditions of the economy.” As part of the new guidelines, Bitcoin would serve as an alternative to the economic crisis that the country is undergoing.
The Cuban Government Talks about the Future of Cryptocurrencies on the Island
There are no other details in this regard, but it could be a first step in the future use of cryptocurrencies in Cuba. The official newspaper Granma belongs to the only political party admitted on the island. In addition to cryptocurrencies, they reported the discussion of other “strategic issues for the nation’s progress.” They included “the model of economic management, investment policy, science, technology, innovation, their impact on society, and social policy.”
Until now, Cuba has not developed any State policy on crypto assets. However, the virtual communities of bitcoiners prove that the inhabitants of the Caribbean nation know them.
The Facebook group “Bitcoin Cuba”, founded in 2018, has almost 6,000 members. Users gather there seeking to buy and sell Bitcoin, mainly in person. There is also a group with the same name on Telegram, which has 3,500 members. Regrettably, among the posts of both communities, the disclosure of pyramid schemes involving the use of cryptocurrencies predominates.
The Popularity of Bitcoin Increases after the PCC’s VIII Congress
Besides, analytical data from Google shows that interest from Cubans in Bitcoin is growing. It even seems to have increased after the recent PCC congress. According to the Google Trends tool, searches for the term “Bitcoin” have reached a maximum point so far this year during the current week.
At least two exchanges in Cuba allow the sale of Bitcoin and other cryptocurrencies. There are also specialized remittance companies that use Bitcoin to send money to the island.
It is not the first time that the PCC has talked about Bitcoin. In 2014, the popularity of the first cryptocurrency was notably lower than it currently is. At the time, Granma published an article showing Bitcoin as a possible candidate to dethrone the US dollar as the main currency.
Also in 2019, the aforementioned newspaper said that cryptocurrencies were possible tools to “resist the economic siege.” Apart from that, they did not announce any official measures that include digital currencies.
Cuba’s economy has remained behind major development movements in recent decades. However, Cubans seem to be beginning to regain sovereignty over their finances and the power to acquire goods and services.
By Alexander Salazar
