Cuba looks at implementing crypto in tackling its economic turmoil, will Kenya lead the way for Africa in similar situation?
Generally the world economy is going through a turmoil with Covid 19 escalating the situation, realistically we are not out of the woods yet with Covid still with us and so called "third waves" sweeping nations. Some headlines I read this morning shows the third wave has already hit the shores of South Africa.
The world witnessed how the Covid situation was handled, shut down the economy, a measure which makes no sense to me till date and the consequences of that are just devastating as it varies from one country to the other.
Cuba's measures over Covid on it's economy is said to be a crippling one, now the government is apparently looking at combating it economy turmoil with crypto adoption.
As Periodico Cubano reported, the president of Cuba – Miguel Díaz Canel – together with the country’s authorities, now plan to face these issues with the help of cryptocurrencies. According to the coverage, Díaz Canel discussed the possible benefits of crypto adoption in the country.
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Still unclear how this move is going to be implemented in Cuba but, I feel it is a move worth giving a chance, fiat has had its fare chance over the centuries, another form of money is here along with its base technology the blockchain. Opening up and experimenting with it could open up a whole new world of wealth for a nation wise enough in utilizing it.
Intersecting earlier in the year Kenya's central bank has a similar move in mind as the Kenyan shilling keeps losing value.
Our decision to shift to Bitcoin is both tactical and logical. Our currency has always been the punching bag for the IMF. This has led to too much pressure on the Kenyan Shilling, and this has a negative effect on the economy. Bitcoin will put an end to this
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Hopefully this is not just some thoughts that gets swept under the carpet but gets some action towards it. This is a news back in February 2021.
It is actually a bold statement with no country ever opting for Bitcoin as national currency yet. How far is Kenya with that? I'd personally like to know.
Will Kenya be leading Africa to a shit for cryptocurrency? How much of crypto implementation is Cuba willing to adopt in reviving its crippling economy?
Some questions awaiting answers as the days goes by.
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Great article but in Kenya they haven't started implementing a shift to cryptos yet. However blochchain is being used in land registration and issuance of titles; a revolutionary new system that can't be tampered with. In future they will probably be introducing more crypto regulations or maybe the Central bank will come out with it's own crypto. Lets see how it goes.
That's actually nice to have land ownership registered on the blockchain considering when it comes to property people like faking documents. Looks like crypto isn't doing bad in your country
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