Finally, the Cuban government recognized the scarcity of cash on the island while justifying the cost of issuing banknotes.
Economy Minister Alejandro Gil Fernandez told the National Assembly that there is “a shortage of money in fiat currency, because the level of demand is great and our ability to introduce this fiat currency does not meet the demand.”
In this regard, the leader indicated that “investment must be in the Egyptianization of transactions, because transparency, security and oversight are gained, and operations can be monitored for the issuance of taxes.”
In a newspaper review of his intervention, he said, “Paper bills of exchange are costly to be printed, to be issued, to be kept, and to be treated.”
The leader stated that in order to advance the digitization of financial operations and increase the supply of goods and services, the Etecsa mobile wallet.
He pointed out that this service allows electronic payment, whether in Cuban pesos or foreign currency, without the need for a magnetic card.
But he admitted that there are problems in the country when paying by transfer because in some cases “there is resistance in some places to accepting a mobile phone.”
Cuba’s cash shortage
Cuba’s cash shortages and long lines at ATMs have made headlines in recent weeks.
Of the provinces it was reported that “at the country level, some restrictions to limit ATM withdrawals to “private workers so that cash will last a little longer”.
Similarly, it has been insisted that MSMEs and the self-employed, who are the ones who concentrate the most money in their transactions, usually do not use electronic channels “for fear of having control over their finances”.
Apparently, due to the recent statements of the leaders, “the idea is not an increase in ATMs, but in operations through payment channels,” banking institutions told Sancti Spíritus.
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