US opens up banking to private Cuban businesses as it aims to boost private sector
WASHINGTON (AP) — The U.S. lifted some financial restrictions against Cuba on Tuesday, in a move designed to boost private businesses on the island.
The measures will allow independent entrepreneurs to open and access U.S. bank accounts online to support their businesses. Other measures include steps to open up more internet-based services and expand private companies’ ability to use certain financial transactions.
“These regulatory amendments update and clarify authorizations in support of internet-based services to promote internet freedom in Cuba, support independent Cuban private sector entrepreneurs, and expand access to certain financial services for the Cuban people,” the Treasury Department said in a news release.
One of the key changes would allow Cuban private business owners to open bank accounts in the United States and then access them online once back in Cuba — something they couldn’t do previously. The U.S. also is again allowing something called U-turn transactions, where money is transferred from one country to another but is routed through the United States.
Related articles
Ewan McGregor, 53, and Mary Elizabeth Winstead, 39, get candid about reuniting on screen
Ewan McGregor and Mary Elizabeth Winstead got candid with Variety about their on screen reunion sev2024-05-29Mets get 2 in 8th to snap scoreless tie and beat Royals 2
NEW YORK (AP) — Harrison Bader broke a scoreless tie with an infield single in the eighth inning and2024-05-29Hongkong Post to issue special stamps to mark Year of the Dragon
(Xinhua) 16:38, December 14, 2023HONG KONG, Dec. 14 (Xinhua) -- Hongkong Post announced on Thursday2024-05-29InPics: People celebrate Laba Festival in Beijing
(Xinhua) 09:06, January 19, 2024People eat Laba porridge at the Yonghegong Lama Temple in Beijing, c2024-05-29Dakota Johnson puts on a leggy display in a miniskirt and boots as she films new romantic
She has been busy filming scenes for A24's upcoming romantic comedy The Materialists in recent weeks2024-05-29China's Miao embroidery shows at Milan Fashion Week
(Xinhua) 09:01, September 25, 2023Models present creations featuring embroidery of Miao ethnic group2024-05-29
atest comment