Amid one of its worst economic and energy crises, Cuba sees changes in US-Cuba relations as the US modifies regulations to support internet freedom, independent Cuban entrepreneurs, and enhanced financial services access for the Cuban people.
With about 11,000 private businesses in Cuba contributing significantly to the island’s employment, the US administration introduces regulatory amendments to aid Cuban citizens facing blackouts, food shortages, and inflation by enabling smoother remittances and transactions in the emerging private sector.
According to the US Department of the Treasury, it’s facilitating measures for Cuban private business owners to make it easier to open bank accounts within the nation even if they’re in Cuba.
As part of their efforts, they will reinstate U-turn transactions for remittances and payments within the Cuban private sector.
By lifting some long-standing financial restrictions against Cuba, the United States hopes that independent entrepreneurs can help boost the local economy.
However, Cuban entrepreneurs can’t celebrate just yet. Much like how Donald Trump ended the bilateral cooperation that started with Barack Obama, his potential return to office could undermine these efforts.
Nevertheless, this is a significant development for the relationships between these two nations. It’s worth noting that in 1962, US President John F Kennedy implemented a full-scale economic embargo on the country.