Cuba’s Cashless Economy

Cuba announced, it is taking a major step towards electronic banking and a cashless society. The 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.

The changes were needed to stem a cash shortage, as the fast-falling peso and soaring consumer prices combined to drain bank reserves and ATM machines.

Source: https://lnkd.in/dQZG3Dr5