John McAfee has decided to offer his knowledge of cryptocurrency for the use of the Cuban Government on account of the current financial scenarios in the country . Previously, Cuba had shown interest in cryptocurrency to circumvent U.S. sanctions on the country.
Despite the differences in their political ideologies, the Cuban Government and McAfee is united in their contempt towards the American authority.
John McAfee believes that he can assist Cuba to develop a cryptocurrency that is suited according to their specifications which will allow them to commence trade with countries despite various economic sanctions.
In June 2019, McAfee reached the harbor of Havana after fleeing the Bahama authorities. The American government had also tried to extradite McAfee through the government in the Bahamas. He has since been living on his boat with his wife, two bodyguards, and seven campaign managers after refusing to pay his taxes for eight consecutive years.
Libertarian McAfee is running for the 2020 US presidential elections after coming in at a distant third in 2016.
The random creation and usage of a cryptocurrency might not be suitable for a sovereign nation owing to the technicalities of the protocol and the base layer of the blockchain need to be built in a specific manner in order to help the country achieve its objectives.
The idea of using cryptocurrencies to bypass authority and create a facade of free trade is not a new. Russia, Iran, and India have all initiated research into a sovereign cryptocurrency to foster international trade. Venezuela has already implemented a sovereign cryptocurrency, which is supposedly backed by the country’s oil reserves.
With the political and economical changes around the world , more countries are initiating research into the crypto/blockchain space and are deeply studying these networks as an alternative to the US Dollar as the standard for international trade.