On Tuesday, the US proposed regulatory reforms aimed at strengthening support for independent private sector businesses and the Cuban people. The modifications will improve internet-based services on the island, increase access to financial services, and allow the United States to provide more financial support for small private enterprises in Cuba.
The newly implemented American sanctions coincide with a social and economic catastrophe on the communist-run island, marked by acute shortages of gasoline, food, electricity, and medical supplies.
According to a senior administration official, the new authority enables independent private sector business owners in Cuba to open and remotely access bank accounts in the United States, including using online payment channels in the country.
According to Cuban legislation, business owners can launch small and medium-sized private companies as of 2021. As per the most recent census, Cuba has more than 11,000 private companies registered.
The senior official informed reporters during a briefing on Tuesday that “it’s important to note that the new definition for independent private sector entrepreneurship excludes prohibited officials of the Cuban government, such as members of the National Assembly, Cuban military officers, certain ministry staff, regime propagandists, and prohibited members of the Cuban Communist Party.”
According to a top official in President Joe Biden’s administration, new regulatory actions from the United States will continue to minimize resources going to the Cuban government while benefiting the people of Cuba.
“We believe that the growth of an independent entrepreneurial private sector in Cuba is fully aligned with our values and is the best hope for generating economic development and employment in Cuba,” said the senior official.
According to the Treasury Department, regardless of whether the independent private sector entrepreneur is physically located in the United States, Cuba, or another nation, the regulatory changes announced on Tuesday will enable Cuban nationals to open, maintain, and remotely use U.S. bank accounts, including through online payment platforms, to conduct authorized or exempt transactions.
Cuba was taken off the U.S. list of nations “not cooperating fully” in the battle against terrorism earlier this month. Cuba is still listed as a state sponsor of terrorism, nevertheless.
There is a difference between the State Sponsors of Terrorism list and the Cooperation Against Terrorism list, which the State Department is mandated by law to give to Congress.
When asked if the State Department has started a formal investigation into Cuba‘s inclusion on the list of countries that sponsor terrorism, U.S. officials remained silent. The Cuban government, as well as its military intelligence and security agencies, are still subject to U.S. sanctions.
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