US Allows Cuban Businessman Conditional Access to Banking System

Wed May 29 2024
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WASHINGTON: Private sector entrepreneurs in Cuba will be able to open bank accounts in the US which they can access remotely, said the US officials on Tuesday, announcing an update to the country’s policy towards Cuba.
The new rules end a longstanding embargo on Cuba, allowing conditional access to the US banking system among measures to support the private sector.
A senior US official told reporters the new amendments will facilitate greater access to internet-based services for the people of Cuba.
The official on condition of anonymity added the new amendment will also provide greater access to the independent Cuban private sector to international transactions and US banking services, including through online payment platforms.
In particular, independent entrepreneurs from the private sector will be able to open remotely accessed US bank accounts for authorized transactions.
According to US officials, the move by Washington will help to facilitate the import of equipment, food, and other goods that support the Cuban people.
US authorities have also restored authorization allowing for transactions that start and end outside Cuba, but pass through the US financial mechanism.
US President Joe Biden’s administration in May 2022 vowed to encourage the growth of Cuba’s private sector, including by supporting more access to US internet services and e-commerce platforms.
As of 2021, Cuban entrepreneurs could set up private small and medium-sized enterprises after these were barred for almost six decades. US officials said nearly 11,000 private companies have been registered after the new law.

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