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Biden Administration's U.S. Treasury Amends Regulations to Support Cuban Entrepreneurs, Promote Internet Freedom

May 28, 2024, 01:23 PM

The Biden administration's U.S. Treasury Department has amended regulations to increase support for the Cuban people and independent private sector entrepreneurs. The new regulations authorize Cuban nationals to open, maintain, and remotely use U.S. bank accounts for authorized or exempt transactions. These updates aim to promote internet freedom in Cuba and create more economic opportunities, which are seen as critical ways to support the Cuban people's aspirations for economic and democratic freedoms. Additionally, the new definition of Cuban small entrepreneurs excludes Cuban government officials, Communist Party members, military officers, and lawmakers. These measures are expected to help stem irregular migration from the island by creating more economic opportunities. This is the first time Cuba’s private business owners will be able to use U.S. banks.