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Why did the US open up banking to Cuba's private sector?

Posted on AllSides June 4th, 2024
From The Center
Image: Ismael Francisco/AP Photo/picture alliance

The US Treasury's regulatory amendment to the so-called Cuban Assets Control Regulations, announced on May 28, has caused quite a stir in Washington and beyond. For the first time since the revolution in the 1950s, Cuban entrepreneurs can open a bank account in the United States and access it from Cuba.

The changes are intended "to promote internet freedom in Cuba, support independent Cuban entrepreneurs in the private sector, and expand access to certain financial services for the Cuban population," the Treasury Department said in a statement.

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