Fledgling cryptocurrency plans face obstacles in Cuba

Significance

Cryptocurrency use could help counter US trade sanctions and offer Cuba a back door to international financial structures. Government plans nevertheless appear underdeveloped, and will face major technological constraints.

Impacts

• Growing cryptocurrency use globally will increase the need for blockchain software to incorporate sanctions screening technology.
• International banks and companies will continue to avoid traditional banking transactions and correspondence involving Cuba.
• Private entrepreneurship in the crypto asset business will be heavily regulated by the Cuban authorities.