In a major move to support Cuba's expanding private sector, the Biden administration announced new regulations allowing Cuban entrepreneurs to open U.S. bank accounts and conduct remote online transactions, aiding entrepreneurial growth amid economic hardship.
The U.S. Treasury Department specified that the eased rules pertain exclusively to private sector entrepreneurs independent of the Cuban Communist Party, military, National Assembly members, or U.S. sanctioned officials, aiming to bolster genuine private enterprise.
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