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John McAfee Offers To Help Cuba Build Cryptocurrency

John McAfee Offers To Help Cuba Build Cryptocurrency

in Bitcoin & Cryptocurrency published on 11, July 2019

Cybersecurity billionaire John McAfee has said he is prepared to work with the government of Cuba. He has subsequently offered to work as a crypto advisor to help oversee the development of a Cuban national cryptocurrency.

John McAfee Offers Crypto Assistance

The eccentric tech entrepreneur offered himself to the Cuban state on Twitter. John McAfee’s offer came shortly after the government announced it was considering developing a national cryptocurrency to evade economically-damaging US sanctions.

McAfee has a reputation for making outlandish promises and commitment on cryptocurrency. He said he would help the government of Cuba on a pro bono basis. This therefore indicates McAfee is confident of the project’s viability and ease of execution.

The businessman, who has had his fair share of run-ins with authorities in the US, told Reuters is would be “trivial” for Cuba to use cryptocurrency to avoid the sanctions.

“It would be trivial to get around the U.S. government’s embargo through the use of a clever system of currency. So I made a formal offer to help them for free on a private channel… through Twitter.”

McAfee said the plan would also help Cuba avoid the worst effects of the economic sanctions that have been in place for decades.

“Cuba is planning to use Cryptocurrency to get around the 63 years of economic strangulation imposed upon 13 million Cuba people by the insanity of the US Government. Finally, a large scale, real world application for Cryptocurrencies. If Cuba wants my help, I am here.”

Cuban Cryptocurrency Plan

The Cuban plan seeks to emulate the cryptocurrency launched by the socialist government of Venezuela. The latter introduced its own cryptocurrency backed by national oil reserves to avoid US sanctions.

Some people have condemned the project, though for being unconstitutional, unworkable and technologically unsound.

On the Venezuelan project, McAfee said Cuba could learn lessons from their failures.

“You can’t just create a coin and expect it to fly. You have to base it on the proper blockchain, have it structured such that it meets the specific needs of a country or economic situation.”

However, there is no indication yet whether the Cuban government will accept McAfee’s invitation. Failing that, McAfee has repeatedly said he plans to run as the presidential candidate of the Libertarian Party in 2020.