El Miamero lunes, 27 de abril de 2026

Cuba's "Bancarization" Met with Criticism: A Financial Bermuda Triangle

En pocas palabras

Cuban state media criticizes the government's "bancarization" policy, calling it a "Financial Bermuda Triangle" that immobilizes money and harms businesses.

Más detalles

A radio station in Holguín, Cuba, has criticized the government's push for "bancarization," the shift from cash to digital payments. The media outlet called the process a "Financial Bermuda Triangle" where money seems to disappear.

This policy aims to modernize the economy and increase transparency by reducing cash use. However, it's causing problems in Cuba because many small businesses, essential for providing goods, avoid digital payments.

📄 Where and When

The issue is happening across Cuba, with criticism emerging in April 2026. While the government insists on digital payments for salaries and pensions, a large part of the private sector resists it due to practical issues.

📄 Why It Matters

For entrepreneurs, accepting digital payments means their money can get stuck. They face strict bank limits and a shortage of physical cash, making it hard to buy more supplies, especially since many suppliers still demand cash.

This situation creates a domino effect. If shop owners can't restock, people can't buy the goods they need. Money in bank accounts loses its practical value in a market that still largely runs on cash.

📄 What Parties Say

Instead of fixing the problems, authorities are increasing controls with inspections and fines for those not accepting electronic payments. This approach, however, is hurting small businesses and limiting access to basic goods for the population.

📄 What Comes Next

The critical analysis from Radio Angulo suggests that even state media recognizes the gap between the government's economic policies and the country's reality. Poor internet access, distrust in the banking system, and cash shortages make rapid digitalization difficult.

The "bancarization" effort is becoming an everyday obstacle rather than a development tool. It leaves citizens with bank balances but fewer shopping options, while business owners constantly risk fines or losing capital. The policy needs to adapt to the current basic conditions before it can truly succeed.