Is Cuba adopting crypto?
I've read an interesting news today. Another very poor country moves towards crypto. First was El Salvador, who accepted it as a legal tender, and now we might see Cuba doing the same.
Yes, the communist Cuba is doing a move towards free market and liberalism, what is the base of capitalism.
If crypto will be legalized, Cuba might get a new influx of investors that see that Communism can't last that long any more and a lot of opportunities will open. Fundamentalism and communism have never succeeded to create a society worth living in.
But why is doing Cuba such a risky move now? It is risky for the government as it might lead to another change.
In my opinion, this is the only way they can save themselves out of poverty. As the USA put an embargo on Cuba, money is not flowing in, but crypto can and with more purchasing power, they can rescue the economy. Yes, capitalism might save communism in Cuba, which is kind of ironic.
The more capital is entering the country and is spent for development and acquiring goods that can produce products with higher value, the better for the economy as it is going to be revitalized.
I think that anonymity is needed to a certain point. Crypto can help with shifting funds without being hit by an authority that regulates the life of everyone in its territory.
How do you see it? Can an influx of crypto save a country's economy? Why would Cuba do it?
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