The Biden administration this week modified the regulations on the U.S. embargo on Cuba to allow private entrepreneurs on the island to open and manage U.S. bank accounts, a big bet to support the private sector on the island.
There is the possibility that online payment systems like Venmo or Paypal could offer their services to Cuban entrepreneurs too. A U.S. official discussing the new policy with reporters said the administration expects it to affect the Cuban economy significantly.
Cuba is still under a comprehensive economic embargo and it is also on the U.S. list of countries that sponsor terrorism, so the big question is whether that will deter U.S. banks from acting on the announcement.
There's also uncertainty about the upcoming U.S. presidential election and the possibility that a Republican administration would roll back the new measures.
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