Boris Titov, who also serves as representative of the Russian president for the protection of the rights of entrepreneurs, speaking Thursday at the St. Petersburg International Economic Forum (SPIEF), stressed they provided their Cuban colleagues with some measures based on the Russian experience.

“I strongly believe that the fact that Mir cards are already being used in Cuba is just the beginning,” Titov said, while adding that the economies of Russia’s partners urgently need two things: the cash flows (while improving the ease of doing business) and the protection of the financial system from external sanctions.

“We´ve proposed a combined instrument that, in our standpoint, is capable of solving both tasks. We are talking about creating a special settlement center in Cuba, with a banking license, through which financial transactions would be carried out, both inside and outside the country,” Titov explained.

In turn, Titov urged for the introduction of an official Cuban digital peso based on blockchain technology.

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