US Eases Banking Restrictions to Support Cuban Private Sector

New measures allow Cuban entrepreneurs to open and manage US bank accounts, enhancing financial and internet services access.

Cuban private business owners can now open and access US bank accounts remotely.
The policy change includes authorization for U-turn transactions, facilitating remittances and payments.
New regulations exclude Cuban government and Communist Party officials from benefiting.
The measures aim to boost Cuba's emerging private sector amid severe economic challenges.
US banks remain cautious due to existing embargo and potential regulatory risks.