US opens up banking to private Cuban businesses to boost small firms

The United States has lifted some financial restrictions against Cuba, in a move designed to boost private businesses on the island.

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.

“These regulatory amendments update and clarify authorizations in support of internet-based services to promote internet freedom in Cuba, support independent Cuban private sector entrepreneurs, and expand access to certain financial services for the Cuban people,” the US Department of the Treasury said in a news release.

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