In a public address on local television, the country's president, Migual Diaz-Canel, said the plan would raise capital for around one quarter of the population, helping to pay for reforms. 

Cuba has felt a severe knock-on effect from the crisis in Venezuela, which was previously a major source of aid. 

"We are studying the potential use of cryptocurrency... in our national and international commercial transactions, and we are working on that together with academics," Reuters quoted economy minister Alejandro Gil Fernandez as saying.

As Cointelegraph reported, Venezuela itself rolled out its own state-run cryptocurrency, Petro, last year. Also designed to dodge sanctions, its use has so far remained limited due to a lack of international interest.