Developing a blockchain sovereign currency for Cuba
There have been some interesting developments in Cuba on the Blockchain technology together with cryptocurrencies. Which has led the well-known John McAfee to give his insights and expertise to the Cuban Government. This week the Government of Cuba mentioned that they will be studying the use of cryptocurrencies in order to circumvent U.S sanctions in the country.
The Cuban Government and John have different political views, however they do share the same need to distance American Authorities and to pull themselves out of USA clutches. The idea is to help Cuba to develop a cryptocurrency design that will use their specifications to allow for international trade and commerce with other countries. As the country has various levels of economic sanctions on it, the introduction of a cryptocurrency could bring stability and opportunity to the Cuban market.
McAfee has been very busy for these past months, with his strong political stands in cryptocurrency development. While Fighting through issues of taxation and politics with the Bahaman Authorities and American Governments throughout the past months.
The creation of a cryptocurrency has many expectations to it, and with the libertarian views of John McAfee. The Cuban Government sees this as an opportunity to being the creating of such projects to initiation. Most sovereign nations have still not taken notice of cryptocurrencies. As the technicalities behind the protocol and the base layer of the Blockchain needs to be built in a specific manner. And be able to help a nation, country, company or institution to achieve its objectives.
Cryptocurrencies can and are being used as an Anti-Authoritarian System, in order to bypass and create real freedom for trade in the global economy. This has left countries like Iran, India and Russia to start researching into the applications of cryptocurrencies in sovereign countries to help international trade.
Countries like Venezuela have developed its own sovereign cryptocurrency, named the Petro, in order to back it by its oil reserves in the country. There have been more countries that have been diving into the cryptocurrency space, while studying the network capabilities of these decentralised currencies. As these relatively new forms of money can become an alternative to the USD and become the standard for international trade.
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