Reports from U.S. Treasury or banking industry analysis

U.S. Treasury Amends Regulations to Support Cuban Entrepreneurs, Promote Internet Freedom and U-turn Transactions

May 28, 2024, 03:40 PM

The U.S. Treasury Department announced a series of regulatory changes on Tuesday to support Cuban entrepreneurs and promote internet freedom. The amendments will allow independent private sector entrepreneurs in Cuba to open, maintain, and remotely use U.S. bank accounts for authorized or exempt transactions. Additionally, the regulations will reinstate the authorization for U-turn transactions and provide access to cloud-based internet services. These measures aim to bolster the Cuban private sector and expand internet-based services, providing critical support for economic and democratic freedoms on the island. The changes come after months of delay, allegedly due to resistance from some members of Congress. The Biden administration's move is seen as a significant step towards aiding Cuba's nascent private sector amid a deep economic crisis.