Cuba Removing Cash from Economy

August 21st, 2023

Via: Reuters:

When Cuba in early August announced it was taking a major step towards electronic banking and a “cashless” society, the offices of fledgling small businesses across the communist-run country were left scrambling to figure out how to respond.

Most alarming to many budding entrepreneurs was a new 5,000 peso ($20) daily cap on cash withdrawals for businesses, one of several measures the government said were aimed at forcing Cubans to do their transactions electronically, via transfer, online payment and bank cards.

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Cuban officials have said the new banking measures are necessary for transparency, to assure transactions are recorded and taxes are paid.

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