Russia and Cuba seem to have joined their heads to come up with a solution to get rid of the sanction problems once and for all.
For this purpose, both countries have started taking a deep interest in cryptocurrencies. According to the reports, both countries are aiming to collaborate and exchange transactions using roubles and crypto.
Sanctions on Cuba and Russia
The term ‘Sanctions’ refers to the restrictions that are imposed by the alliance of international commissions on a country or state they consider is in breach of international laws.
The majority of the time, the country that proposes the sanctions is the United States. As the US proposes the sanction at the United Nations, its allies rally in support of the proposal.
This means that whatever the United States wants, it gets, be it the destruction of a targeted country’s economy and security.
Cuba is also facing huge sanctions imposed by the United States and these sanctions have been in play for a very long time. As a result, no major service provider wants to offer services to the country.
If any payments firm such as PayPal, or other platforms offers their services, they have to suffer dearly.
Similarly, Russia is now the new center of attention for the US and the UN sanctions ever since it has waged a war against Ukraine.
The country has gone on to invade Ukraine, which is not acceptable to the US and the UN. Therefore, the US and the UN have rallied to impose strict sanctions on Russia.
Russia and Cuba Fight Against Sanctions
Both Cuba and Russia already know that the countries opposing them are in power. Therefore, they know that the sanctions would continue getting tightened over both nations.
This is the reason why both countries are eager to find a way to circumvent international restrictions. Cuba and Russia are both in talks about bilateral cooperation to facilitate transactions in crypto and roubles.
The sources have confirmed that the Havana International Fair was honored with the presence of Bois Titov.
Titov directly reports to the president of Russia and performs his duties as the commissioner for entrepreneurs’ rights.
While attending the International Fair, Titov talked about the possibility of both countries collaborating to make crypto transactions possible among each other.
He also talked about both countries being under great pressure due to international sanctions.
Claim Made by Bois Titov
Titov also revealed that Russia is already in talks with Cuba in regard to coming up with multiple transactions. He added that they have already discussed the settlements to be conducted in roubles.
It is worth mentioning that representatives from other countries such as France, Russia, Mexico, China, Canada, Italy, Spain, Venezuela, and Brazil also attended the conference.
Apart from the prominent countries, over 50 countries had their representatives attend the conference. It is a major step forward that is extremely promising for the crypto industry.
It is yet to be established which crypto Russia is interested to carry out settlements. However, Cuba has a huge interest in Bitcoin as it is already being used in the country for remittance purposes.
No matter what the outcome is, it is obvious that Bitcoin is going to be one of the top choices for settlements between both countries.