Cuban private businesses will now have easier access to the US internet and banking services.
In a statement released on Tuesday, the US Treasury Department said it had relaxed some of the restrictions imposed on the island to « promote internet freedom in Cuba, support independent Cuban private entrepreneurs, and expand Cuban nationals’ access to certain financial services. »

The new measures allow Cuban nationals to « remotely open, maintain, and use US bank accounts, including online payment platforms » even if they reside on the island or in another country. Under the current restrictions, Cubans were only allowed to open and maintain accounts while residing in the US.

The change comes as Cuba struggles with its worst economic and energy crisis in history.Cubans have faced power outages that have worsened in recent weeks and are frustrated by food shortages and inflation. Hundreds of thousands of people have emigrated, many of them to the United States.

Relations between the United States and Cuba were essentially frozen after the 1959 revolution, when Fidel Castro seized power and established a communist government. There was a wave of nationalization of large corporations, but some small private businesses were allowed to continue operating until 1968.

The United States also replaced the term « self-employed » with « independent private contractor, » which applies to owners of businesses and cooperatives with fewer than 100 employees. The Cuban government approved the creation of small and medium-sized non-governmental companies in 2021, which the US Treasury Department claims « better reflects Cuba’s non-governmental sector. » Companies with ties to the Cuban government or the Communist Party, banned in the US, are exempt. The US government says 11,000 companies could benefit from the new regulations.

With regard to the internet, the new measures improve access to services such as authentication for social media platforms, video conferencing, simultaneous translation services, online gaming, and authentication services. Companies under US jurisdiction can provide data
storage services.

In addition, Cuban companies will be able to export their software and mobile phone applications from the United States to other countries and will be able to offer their products in online stores worldwide.

The new Treasury regulations come two years after President Joe Biden’s administration announced plans to adopt policies aimed at revitalizing the island’s economy and benefiting Cuban small and medium-sized entrepreneurs. Among other things, the $1,000 per quarter limit on remittances to the island was lifted in May 2022. In addition, the Cuban Family Reunification Program was reinstated, expanding consular and visa services for Cubans seeking to join relatives in the United States.