U.S. Regulatory Changes to Support Cuba’s Private Sector

SOURCE www.nbcnews.com
The U.S. Treasury Department announced regulatory changes to allow more American financial support for Cuba’s private sector and to bolster access to U.S. internet-based services. These measures aim to support Cuba’s budding entrepreneurs while avoiding benefit to Cuban authorities.

Key Points

  • Measures aim to support Cuba's private sector
  • Exclude Cuban officials and military officers from benefits
  • Regulations allow U.S. banks to process fund transfers for Cuban nationals

Pros

  • Allowing small entrepreneurs in Cuba to open and access U.S. bank accounts for the first time in decades
  • Permitting Cuban entrepreneurs to use U.S.-based social media platforms and online services

Cons

  • Criticism from Republican U.S. Representative Maria Elvira Salazar regarding the announcement