In a move to support the Cuban people and independent private sector entrepreneurs, the United States announced regulatory changes on Tuesday. The changes aim to increase financial support for small private businesses in Cuba, enhance internet-based services on the island, and broaden access to financial services.
This decision comes at a crucial time as Cuba is facing a social and economic crisis, including severe shortages of food, fuel, electricity, and medicine. The new measures will provide much-needed relief to the Cuban people while minimizing resources to the Cuban government.
Under the new authorization, Cuban entrepreneurs can now open and remotely access U.S. bank accounts, including through online payment platforms. This will allow them to conduct authorized or exempt transactions, whether they are physically located in the United States, Cuba, or another country. This is a significant step towards promoting economic development and employment in Cuba.
It is worth noting that the new definition for independent private sector entrepreneurship excludes prohibited officials of the Cuban government. This includes National Assembly members, Cuban military officers, certain ministry staff, regime propagandists, and members of the Cuban Communist Party. This ensures that the benefits of these regulatory changes go directly to the Cuban people and not to the Cuban government.
The Treasury Department also stated that these changes will benefit Cuban nationals, allowing them to open, maintain, and remotely use U.S. bank accounts. This will provide them with much-needed access to financial services, further empowering the Cuban people.
These new measures are fully aligned with the values of the United States and aim to support the growth of an independent entrepreneurial private sector in Cuba. It is believed that this sector holds the best hope for generating economic development and employment in the country.
Earlier this month, the U.S. removed Cuba from its list of countries “not cooperating fully” in the fight against terrorism. This is a positive step towards improving relations between the two countries. However, Cuba remains on the State Sponsors of Terrorism list.
While the removal from the cooperation against terrorism list is a significant development, it is not the same as being removed from the State Sponsors of Terrorism list. U.S. officials have not commented on whether a formal review of Cuba’s presence on the list has begun. However, U.S. sanctions against the Cuban government, its military, intelligence, and security services remain in place.
The United States firmly believes in the potential of the Cuban people and their ability to create a better future for themselves. By supporting the growth of an independent private sector, the U.S. is demonstrating its commitment to empowering the Cuban people and promoting economic development in the country.
The new regulatory changes will not only provide much-needed support to the Cuban people but also strengthen the ties between the United States and Cuba. As we continue to navigate through these challenging times, it is crucial to work towards building a better future for the Cuban people. The U.S. is committed to supporting the Cuban people in their journey towards a brighter and more prosperous future.
