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FILE - Representations of the Ripple, Bitcoin, Etherum and Litecoin virtual currencies, Feb. 13, 2018. Switzerland's government wants to look into the feasibility of launching its own state-backed cryptocurrency. VOA

Cuba’s Communist government said on Tuesday it was studying the potential use of cryptocurrency as part of a series of measures to boost its economy amid a deepening crisis exacerbated by U.S. sanctions.

Cryptocurrency, which allows financial operations to be carried out anonymously, has been used in the past to get around capital controls. Cuba’s top ally Venezuela introduced a cryptocurrency last year aiming to avoid U.S. sanctions and weather hyperinflation, although it never properly got off the ground.


Cuba’s inefficient state-run economy is facing a crisis due to a sharp decline in Venezuelan aid, lower exports and the tightening of the decades-old U.S. trade embargo under President Donald Trump.

The new measures, announced on a roundtable on state-run TV by President Miguel Diaz-Canel and his government, will raise income for around a quarter of the population and deepen market reforms of one of the world’s last Soviet-style command economy’s started by the island nation’s previous president, Raul Castro.


Cuba’s Communist government said on Tuesday it was studying the potential use of cryptocurrency. Pixabay

The aim is to raise national production and demand in order to boost growth as U.S. sanctions target tourism and foreign investment. Diaz-Canel, working to establish his legitimacy after assuming the presidency in April 2018, said the government was working on the details of the implementation.

“We are studying the potential use of cryptocurrency … in our national and international commercial transactions, and we are working on that together with academics,” Economy Minister Alejandro Gil Fernandez said.

The most popular measure in the new package will likely be the hikes in some pensions and wages for workers in public administration, social services and state-run media, bringing the medium monthly wage in those sectors up to the equivalent of $44.5 from around $25 previously.

Many Cubans say the measure still will not be sufficient to breach the gap between salaries and the cost of living.

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Nonetheless it should boost purchasing power, as long as inflation is kept in check.

“It’s not ideal, but it’s an advance,” said Pavel Joaquin Hernandez, 46, a general practitioner who will go from earning the equivalent of around $40 per month to $64.

Cuban economist Omar Everleny said the raise was crucial given how demotivated workers were, with many emigrating.

“For the first time, (the government) is linking the fact that everything can be achieved if workers are motivated,” he said.


Cryptocurrency, which allows financial operations to be carried out anonymously, has been used in the past. Pixabay

Gil Fernandez said the government was also broadening a series of measures aimed at decentralizing and thus improving state-run company performance and stimulating local production, substitution of imports and increasing exports. For example, he said, financial service companies would be established to provide cash in the face of opportunity more quickly than the centralized planning system.

The government would also expand a system allowing some companies to keep a percentage of the hard currency they earn in order to reinvest it immediately rather than have to apply for credit.

State companies, agricultural entities and other economic actors that supply a growing number of firms in the Mariel Special Economic Zone, a project resembling China’s first capitalist oasis, would receive a percentage of sales in hard currency, Gil Fernandez said.

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The government was also studying how to allow the growing number of small private businesses to export through the state-run businesses, he said. (VOA)


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Books that you can read in 2022.

Reading allows you to gain a deeper understanding of the world around you, stimulating your creativity and keeping your mind engaged.

A list of new releases published by Aleph:

What the Heck Do I Do With My Life?: How to Flourish in Our Turbulent Times

Many causes, including technology, climate change, demographics, and inequality, will cause our planet to change more in this century than in all of human history. Extreme change is offering unparalleled opportunities for individuals, companies, and society, as well as a 'adaptive challenge.' Those who can adapt to a fast-paced, complex, dynamic, and unpredictably changing world will prosper. Those who are unable to do so will suffer immensely.

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There are obvious signals that we need new ways of thinking about the world and our place in it all over the place. Our old ways of thinking about education, lifestyle, success, and happiness are no longer valid. What are the changes in the workplace? When future jobs are still being invented, how can you know what talents will be useful? Will 'jobs' even exist in the future, or will we be relegated to a world of projects and freelance work? What do you do with all of this and more?

What the Heck Do I Do With My Life? is a book on figuring out what you want to do with your life. Ravi Venkatesan argues that effective adaptation in the twenty-first century necessitates a "paradigm shift," a new attitude, new talents, and new techniques. Ravi also considers how, rather than drifting along like a piece of driftwood, we will need to live life more consciously, making deliberate decisions about who we are, what we do, and how we live.

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Neeraj Chopra: From Panipat to The Podium

On the night of August 7, 2021, a billion Indians' long-held desire came true as Neeraj Chopra won gold in the javelin in the Tokyo Olympics 2020. The wait, on the other hand, had been extremely long. In reality, this is India's first individual gold medal in athletics since the modern Olympic Games began. The entire country showered him with affection when he did it in his signature flair and smile. The media went crazy, and the youth discovered a new source of inspiration. People flocked to get their photos taken with him, and businesses discovered a new wonder-ambassador. Neeraj Chopra: I'm Neeraj Chopra, and I'm From Panipat to the Podium begins in a small village in Panipat and tells the story of his formative years, which were marked by restricted resources and opportunities. It takes readers through his journey to Panchkula and then to the national camp in his quest to conquer the world.

My Cricket Hero: XII Indians on their XII favourite Cricketers

Pieces from Keki Daruwalla on Polly Umrigar, Fredun De Vitre on Chandu Borde, Gulu Ezekiel on Eknath Solkar, Hemant Kenkre on Sunil Gavaskar, Amrit Mathur on Salim Durani, Kersi Meher-Homji on Vijay Hazare and many more make for a great lockdown read.

It's A Wonderful World: A Memoir

His book is a provocative read that makes us wish we had a life like his. Khalid Ansari's life has been an exciting and purposeful journey in service to his fellow human beings, beginning with his birth in Mumbai's impoverished Madanpura to a father who began his life as an orphan and a mother from a poor household. Ansari has attempted to depict some highlights of a splendored life that he has been lucky to experience, catching stars while chasing rainbows in this 'donkey's tale'. It's been la vie en rose for him, from founding newspapers and magazines to representing his country at the United Nations, accompanying dignitaries on state visits, covering cricket Test matches, nine Olympics, Commonwealth and Asian Games, travelling the world, and being awarded the Padma Shri award. The author has worked hard to keep this narrative from devolving into a 'I-did-this-did-that' pat-on-the-back, shabash!' By 'spicing' it up with dollops of frothy stories and self-critical bon mots, he has attempted a discourse on the meaning of life, the 'right path,' and the like, even as he has attempted a discourse on the purpose of life, the 'right route,' and the like.

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