Cuba, Iran, China and Venezuela: Cryptocurrencies and geopolitics

by: Dynasty GI2021-05-28
The use of cryptocurrencies as a financial tool to challenge the US dollar’s global dominance is a concept that is getting geopolitical traction. According to the cryptocurrency specialist site Decrypt, one of the countries currently studying the creation of a cryptocurrency is Cuba. The ruling Communist Party announced recently that cryptocurrencies are now part of the country’s economic policies.
Cryptocurrencies can be an alternative to the long economic sanctions Cuba has faced during the last decades.
Cryptocurrencies can become an important tool for Cuba to access the world’s economy whilst by-passing the United States’ decades long economic sanctions. The ideas discussed at the last annual congress of Cuba’s Communist Party ranged from using established cryptocurrencies, such as Bitcoin and Ethereum, to a government-backed new alternative.
"“This kind of debate, involving several countries, is growing and is natural. Cuba made this decision now but they have been studying cryptocurrencies since 2019”, stated Fabio Asdurian, co-founder and partner at Dynasty Global Investments AG. For Mr Asdurian, this further shows the strength of the blockchain technology that is behind the many cryptocurrencies already in the market."

– Eduardo Carvalho, Founder and CEO"
According to Decrypt’s report, China and other countries, such as Iran, Bermuda and Venezuela, are also considering the use of cryptocurrencies to reduce US influence over their own economies. The strategies include support for cryptocurrency mining and the development of their own national digital currencies. In Venezuela’s case, the country also announced that it is adding Bitcoin and Ethereum to the basket of currencies that form its international reserves.

The decision by Cuba’s Communist Party follows what is already happening in practice, with the country’s population increasingly using cryptocurrencies, especially Bitcoin. A major challenge for the Caribbean Island, though, is the limitations imposed by its weak internet infrastructure.

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