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New U.S. policy opens doors for Cuban entrepreneurs: access to American banks and online services

Cuban entrepreneurs set to benefit as U.S. government unveils measures to boost economic growth

In a significant move aimed at strengthening the Cuban private sector, the United States government is set to announce a series of regulatory changes that will allow Cuban entrepreneurs to open accounts in American banks and access online services remotely. This groundbreaking development comes after decades of restrictions and is expected to remove a major obstacle hindering the growth of the private sector in Cuba.Highly placed sources within the Biden administration have revealed these forthcoming changes, which are poised to have broader implications.

Opening new avenues for Cuban entrepreneurs

Under the upcoming regulations, Cuban entrepreneurs will be granted the ability to set up and access bank accounts in the U.S. to carry out authorized transactions, according to one of the sources.

This pivotal step will empower independent private entrepreneurs in Cuba to efficiently import essential goods such as equipment, food, medicine, and more, supporting the Cuban people. This move is a response to the long-standing U.S. embargo, which has historically hindered Cubans from accessing their money in American banks upon returning to the island.

This new policy will also allow internet services such as e-learning, videoconferencing, I.T. managing services, cloud-based services, and automated translation, to name a few. These measures are put in place, facilitating the islanders to catch up with the world.

A remote worker on a video conference

Fostering growth and innovation in the private sector

These regulatory changes represent a broader effort by the Biden administration to support the Cuban people by expanding internet access and family travel and promoting a state-independent private sector. In addition to opening U.S. bank accounts, the measures will enable the island’s software developers to make their apps downloadable on popular platforms like Google app and Apple stores, potentially unlocking new opportunities for innovation and Cuban entrepreneurship.

The U.S. Treasury Department is also set to reverse a policy from the Trump Administration that banned U.S. banks from conducting transactions involving banks in third countries, including Cuba. This policy was known as "U-turn transactions." This adjustment especially benefits companies such as Western Union, facilitating the flow of remittances in dollars to Cuba, which had been disrupted by previous restrictions.

Read more on the news at Miami Herald.

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