Bitcoin is encouraged: Cuba studying to boost its own crypto

Bitcoin is back on stage. And it looks like is here to stay. If during the last sessions we had talked about the sharp declines in its price, this Wednesday the reference cryptocurrency has come to appreciate more than 15%.

This new rise coincides with the news that Cuba is studying the possibility of using cryptocurrencies to boost its economy, once the sanctions by Donald Trump’s administration have been aggravated.

“We are considering studying the application of cryptocurrency in national and international trade relations (…). We have to see how we can incorporate measures of this type that allow us to move forward looking for solutions to problems,” said Minister of Economy and Planning of Cuba, Alejandro Gil in the words of the agency Efe.

We must try to find options and solve economic problems within the national industry itself, with our own economic actors. In addition, we must strive to strengthen internal reserves without dominating the import mentality. — he continued.

The crisis in Cuba is becoming a matter of concern. Over the past few weeks, the population has had problems buying basic foodstuffs such as oil, rice or chicken. However, in recent weeks the lines for purchases have decreased and authorities hope that the country will not fall into a new “Special Period” similar to that of the 1990s.

It is not the first time that the country tries to create a cryptocurrency in order to avoid the sanctions of the world’s organisms and powers. Just over six months ago, Venezuela attempted to create a cryptocurrency to avoid Donald Trump’s sanctions and combat hyperinflation.

Thus, the Bitcoin again exceeds $11,000 , with these revaluations by far and stands at $11,175. At the same time, the capitalization exceeds 200,000 million dollars and the volume traded in the last 24 hours goes up to 31,000 million dollars.

In this sense, e-toro experts point out that this is a “week of strong back and forth movements where, once again, the bitcoin is the reference asset to watch over”. Meanwhile, these analysts indicate that “high volatility, high volume and very significant relative weight gain” is being generated. However, analysts explain that “it is not the season of the ‘altcoins’ and, at the moment, the investor interest is not in that type of assets.

Media: Investing.com