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As Cuba takes leap towards 'cashless' economy, entrepreneurs brace for impact

Discussion in 'Too Hot for Swamp Gas' started by mrhansduck, Aug 21, 2023.

  1. Aug 21, 2023 #1
    mrhansduck

    mrhansduck GC Hall of Fame

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    Article on the recent story is below. As a side note, I am finishing up the Netflix documentary The Cuba Libre Story. Very interesting going back to Spanish colonization and goes into Batista, the rise of the Castros, U.S. involvement and relations, the mafia, Soviets, etc.

    The Cuba Libre Story (TV Mini Series 2015–2016) ⭐ 7.6 | Documentary, History

    This documentary series recounts the tumultuous history of Cuba, a nation of foreign conquest, freedom fighters and Cold War political machinations.

    As Cuba takes leap towards 'cashless' economy, entrepreneurs brace for impact

    HAVANA, Aug 21 (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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  2. Aug 21, 2023 #2
    ncargat1

    ncargat1 VIP Member

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    Not to be snarky, but for most Cubans, the country went to a "cashless society" many years ago.
     
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  3. Aug 21, 2023 #3
    wgbgator

    wgbgator Premium Member

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    Isnt this another thing where Cuba has to do strange workarounds because of the embargo? I remember watching something about the difficulty of banking there, due mainly to American law/sanctions and their stranglehold over the world financial system. A lot of fairly normal things there are made extremely difficult because of our continuing hostility.
     
  4. Aug 21, 2023 #4
    Gatorrick22

    Gatorrick22 GC Hall of Fame

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    The communists want all their people to be their slaves, and to be able to control every aspect of their lives... nothing new.

    It's no wonder the Dems here in our country and the banks want that kind of control here too.

    This is a line in the sand that We The People must not allow our government to cross.

    You cannot trust someone else with electronic access to your money, if you do... they essentially own you.
     
    Last edited: Aug 22, 2023
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