Biden Administration to Allow Cuba Private Sector Access to US Banking

The Biden administration announced regulatory changes on Tuesday that would allow Cuban private sector entrepreneurs to open bank accounts in the United States and remotely use them while in Cuba.

The U.S. Treasury Department said that it has amended the Cuban Assets Control Regulations to promote internet freedom and boost private sector businesses in the Communist-ruled nation.

“With this announcement, the administration is now fully implementing the May 2022 commitments to the Cuban people,” a senior administration official told reporters on Tuesday.

“We believe that the growth of an independent entrepreneurial private sector in Cuba is fully aligned with our values, is the best hope for generating economic development and employment in Cuba, and the growth of this sector is also consistent with the president’s guidance to implement measures that will benefit the Cuban people while continuing to minimize resources to the Cuban government,” the official added.

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