EFE/14ymedio, Washington/Madrid, May 28, 2024 — The United States has announced that as of this Tuesday it will allow entrepreneurs in Cuba to open and use US bank accounts over the internet to carry out financial transactions.
In a statement, the Treasury Department explained that the decision seeks to “promote internet freedom in Cuba, support independent entrepreneurs in the private sector and expand access to certain financial services for the Cuban people.”
Until now, Cubans who visited the United States could open bank accounts in that country, but they could not use them once they returned to Cuba due to the embargo that weighs on the Island.
The Treasury Department detailed that, as of May 28, Cuban entrepreneurs are authorized to “remotely open, maintain and use US bank accounts through an online payment platform to carry out authorized transactions,” whether from the United States, Cuba or any other country in the world.
It also updated its definition of a Cuban entrepreneur to include cooperatives and companies with up to 100 employees
The United States also updated its definition of a Cuban entrepreneur, from “self-employed individuals” to “independent private sector entrepreneur.” This includes, in addition to self-employed workers, cooperatives and small private companies with up to 100 employees. Excluded from that definition, however, are government officials and members of the Cuban Communist Party who are sanctioned by the United States.
Similarly, the Joe Biden Administration updated the regulations regarding internet services allowed in Cuba, including social media platforms, videoconferencing, games and maps. From now on, the export of software of Cuban origin from the United States to other countries is also authorized so that Cuban entrepreneurs can offer these services through stores offering global mobile phone applications.
“OFAC (Office of Foreign Assets Control) also clarifies that persons subject to US jurisdiction can provide cloud-based services (including remote data storage, data transport service, data distribution networks content, virtual machines, software as a service and infrastructure as a service) to support services related to the exchange of communications over the Internet,” the statement says.
Finally, OFAC announced that it is restoring an authorizati