Cuba positively evaluated Russia's proposal to use the digital peso
Cuba appreciates Russia's proposal to circumvent sanctions through digital peso payments
Cuban Ambassador to Russia Julio Antonio Garmendia Peña said his country is positive about Moscow's proposal to create a settlement center based on the national cryptocurrency
Cuba has a positive attitude toward the proposal put forward by the Russian side to create a settlement center based on the digital peso, TASS reported, citing Cuba's Ambassador to Russia Julio Antonio Garmendia Peña.
"I know that the issue is being worked out, we have a positive attitude to this proposal. <...> It takes some time, it is necessary, as you said "to work through", I think that this is a promising direction, and we can get to that point," the agency quoted the ambassador as saying.
At the end of January, Russia offered Cuba to create a clearing center based on the digital peso. The project aims to help bring the country's economy out of the shadows and protect Cuba's financial system from external sanctions, as blockchain technology eliminates settlements in U.S. dollars.
Last November, Russia, and Cuba also considered options for mutual settlements in cryptocurrencies to facilitate cooperation amid sanctions imposed on both countries.
Russia began developing a mechanism for international settlements in cryptocurrency back in September 2022.
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