The White House is looking for “innovative options” to restart remittances to Cuba, it said when dismissing some recommendations made by the Treasury Department and the State Department, Reuters reported on Friday (November 5th).

President Joe Biden’s administration wants to allow Cuban Americans to send money to families on the island while ensuring that it does not end up in the hands of the Cuban government, according to the report.

Biden called on his aides to develop a policy “hard on the regime and soft on the Cuban people,” the report said, citing an anonymous official.

The administration imposed sanctions on Cuban officials and security forces in response to the crackdown on protesters in July, according to the report.

Sanctions against the country have come and gone in previous years, the report notes, with President Donald Trump’s administration putting strict limits on remittances after President Barack Obama’s previous administration did. a rapprochement with Cuba.

About 10,000 Cubans have used bitcoins and altcoins, including ethereum and dogecoin, to circumvent US sanctions.

Read more: Cubans Use Cryptocurrencies For Remittances Following US Sanctions

Cubans abroad have used BitRemesas, a crypto exchange, to essentially transfer money to Cuba through an intermediary. Over the past 10 years, Cubans have received nearly $ 30 billion in remittances, 90% of which came from the United States

Cubans have also turned to digital currency for shopping online, as well as for investing and trading, according to a 2019 report.

See more : Cubans use crypto to circumvent US sanctions

With the U.S. trade embargo prohibiting Cubans from obtaining credit or debit cards for international use, many residents have purchased cryptocurrencies for those uses.



On: It’s almost time for the holiday shopping season, and nearly 90% of US consumers plan to do at least some of their purchases online, 13% more than in 2020. The 2021 Holiday Shopping Outlook, PYMNTS surveyed more than 3,600 consumers to find out more about what drives online sales this holiday season and the impact of product availability and personalized rewards on merchant preferences.

Leave a Reply

Your email address will not be published.