Dr. Jorge I. Dominguez is a former Harvard University professor who served as chairperson with the Harvard Academy for International and Area Studies. He was also an Antonio Madero Professor for the Study of Mexico. Possessing extensive knowledge of Cuban society and politics, Dr. Jorge I. Dominguez has authored numerous papers on the island nation.
In September, 2023, the US government announced that entrepreneurs on Cuba would be authorized to open accounts at American financial institutions. This will remove a major obstacle standing in the way of Cuba’s private sector growth. In particular, the nascent independent entrepreneurial sector will be able to import essential goods such as equipment, food, and medicine that will help ensure the welfare of ordinary Cubans.
Current US regulations allow Cubans on visits to the United States to open bank accounts, but they are unable to access funds when they return to Cuba due to an embargo that has been in place since President John F. Kennedy. While such restrictions initially had the aim of bringing down Cuba’s communist government, they now simply place limitations on private entrepreneurs. With no ready access to a de facto global currency, these entrepreneurs must find creative ways of paying for imports that require hard currency.
The new easing of banking restrictions comes in the wake of a move announced by President Joe Biden in 2022 to soften US-Cuba policy. Family travel is now expanding, and the US is authorizing the provision of Internet services to Cuban markets, such as e-learning and videoconferencing.
Jorge Dominguez 