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Fledgling cryptocurrency plans face obstacles in Cuba

Wednesday, June 23, 2021

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.

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