Miami entrepreneur about new U.S. measures: "Of course there will be loopholes, but it is positive for the people."

The successful Cuban-American entrepreneur Sergio Pino stated that the Havana government will set traps to take advantage of the economic measures recently approved by the Joe Biden Administration.

However, Pino believes that the Cuban people can benefit. "The Havana regime will try to infiltrate. Of course, there will be traps, but these measures still remain something positive," the millionaire told Univisión Noticias.

This Tuesday, the Department of the Treasury announced a series of economic measures to support Cuban entrepreneurs. Among them is the authorization for private entrepreneurs to open bank accounts in the United States.

The term "independent private sector entrepreneurs" is also expanded, "U-turn" transactions are reinstated to facilitate remittances and payments from the United States to Cuba, and progress is expected in promoting Internet freedom on the island.

From what I understand, they are accounts for small and medium-sized enterprises, for businessmen, and not linked to the Cuban government. Therefore, I believe it is a step forward," said Pino, who in September 2023 hosted more than 70 private Cuban entrepreneurs at his mansion in Miami.

The owners of SMEs see business opportunities expanding with the measures of the Biden administration, but not everything is rosy. A sector of the opposition in Miami warns about the dangers of trusting the regime.

Biden's new measures exclude a series of political actors and officials from the Cuban government, considering them "prohibited". They are listed in an extensive list of individuals.

The list includes ministers and deputy ministers; members of the State Council, the Council of Ministers, and the National Assembly of People's Power; employees of the Ministry of the Interior and the Armed Forces, the Supreme Court, as well as of state organizations and media.

The Cuban government considers the measures taken by the United States to support private sector entrepreneurs "limited," since they "do not address the fundamental core of the blockade against Cuba or additional sanctions."

Bruno Rodríguez Parrilla stated that these provisions do not reverse the impact of the embargo on Cuban families. The chancellor once again complained that the U.S. government maintains the inclusion of Cuba on the list of State Sponsors of Terrorism.

On both sides of the Florida Strait, there is anticipation and mistrust regarding the measures. It is believed that few banks in the U.S. will be willing to work with Cuban entrepreneurs due to the high perception of risk and the fact that Cuba remains on the list of countries sponsoring terrorism.

Furthermore, a change in administration could reverse these measures if Donald Trump wins the elections in November. The restrictions have been lifted, but it will depend on private banking institutions to decide whether they react with enthusiasm or reluctance, based on the fine print of the regulations.