The measures, announced on Tuesday, will allow independent entrepreneurs to open and access US bank accounts online to support their businesses. Other measures include steps to open up more internet-based services and expand private companies' ability to use certain financial transactions.
One of the key changes would allow Cuban private business owners to open bank accounts in the US and then access them online once back in Cuba - something they couldn't do previously. The US also is again allowing something called U-turn transactions, where money is transferred from one country to another but is routed through the US.
This reinstated authorization is intended to help the Cuban people, including independent private sector entrepreneurs, by facilitating remittances and payments for transactions in the Cuban private sector.
#us-bank-accounts #financial-restrictions #cuba-private-sector #u-turn-transactions #internet-based-services
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