Canada has new app that has nothing to do with the military finances in Cuba. The sos signal from Cuba is not being ignored by America. The ReVoluGroup is in Miami but originally based in Canada. The app bypasses the financial services ran by the military in Cuba.
“Developing the app and getting all the banking licenses to operate have taken years, but the result is a system that “the Cuban military can’t touch,” Emilio Morales, vice president of the Miami subsidiary RevoluGROUP USA Inc., told the Miami Herald in an interview.
The Canadian RevoluGROUP, with a subsidiary in Miami, said last week that it added Cuba to its list of more than 100 countries where its mobile payment app RevoluPAY can be used to receive remittances. The company said the money transfer service fully complies with the embargo regulations and followed advice obtained from the Treasury Department.”
“Hundreds of money transfers to Cubans from the United States and other countries have already happened successfully, he said at a press conference in Miami on Tuesday.
This new digital app doesn’t let the military because money that has been send has been confiscated from the receiver.
“Morales, who has been tracking remittances to Cuba for several years as the president of the Havana Consulting Group, estimates that Cuba received around $3 billion in remittances in 2019. Most of that money was captured by a web of military banks, giving devalued Cuban pesos instead of dollars to the receiver. RevoluPAY puts an end to that, he said, and also offers Cubans “financial freedom” because the app provides access to a prepaid debit card issued by a foreign bank”.
“The military’s tight grip on the banking system is a major obstacle for resuming remittances to Cuba after President Joe Biden instructed his administration to study ways to minimize the money flowing to the Cuban armed forces.
There is no financial freedom with the no freedom of speech. You got to give it to the app that bypasses Cuban military. It’s crazy that money sent from America wasn’t devalued once the relative received it. this is inhumane as country to do to its own people for not getting money worth but transferred to Cuban currency. Cubans can’t extract cash because the government has frozen sale of foreign currency. This is something I don’t agree with because already the separation between giving full value of America currency.
The country is being held hostage by its people in power. This is not fair at all.
The business Revolu Group from Canada with members in Miami’s app has added Cuba so they can get their rightful money in full worth financial freedom. We must thank Canada very much for their concern, Revolupay will change the lives of our brothers and sisters in Cuba. The amount of 3 billion should be changing lives in Cuba when sent from America. The app won’t be able to be touched by Cuba’s financial non freedom. Of course, Cuba government doesn’t agree with the app because the prison guards or officials doesn’t want Cubans to have a better life.
“Clients can do “whatever they want with that money and that card,” he said. “That money does not go to a GAESA or a Cuban bank in a third country. The only way the Cuban government touches the money is when the user uses his card in a store. Owning a card issued by an international bank opens up many possibilities for Cubans, from paying for a Netflix subscription to booking a hotel abroad or buying a flight ticket, he said during a press conference on Tuesday in Miami.
“The Cuban government has already pushed back against RevoluPAY, claiming it will impose higher fees than Western Union. Morales said Western Union charged more than RevoluPAY, around $12 to send $100.”
“Cuba’s central bank also said it had no contract or formal agreement with RevoluGROUP and could not guarantee the security of the transactions. “The United States government maintains the prohibitions and coercive measures applied in 2020 and 2021 against Cuban financial entities,” the bank said. Morales confirmed that the company has no contract with Cuban banks.
“If the Cuban government decides to block the bank transfers or debit card transactions, he said, it risks being penalized by Visa, Mastercard and Swift, the communication system used by most banks around the world. “It will work,” he told the Herald, and “there’s nothing they can do about it.”
This app has been working with many countries and found the way to add Cuba. This is positive for Cubans because no more stolen finances when they received funds. Emilio Morales, the creator of Revolupay. The Cuban Government can’t do anything about the funds because the major banks like Visa, Mastercard lets transaction come through regardless. This gives hope to show Cuba that group in Miami, which home is Canada is standing up for Cuba. Everyone has noticed the unfair treatment which has Biden investigating their banking system.
Freedom is needed in Cuba, and we need to start making changes to their legal system. Cuba needs our help for being able to state their opinion. The financial freedom is being relieved because money sent from America should not be taken away from Cubans to a lower value. This app is going to save lives by creating financial freedom to many Cubans and their families in America.
Bibliography
https://www.miamiherald.com/news/nation-world/world/americas/cuba/article259178328.html
https://www.centralbanking.com/fintech/7819541/cuban-central-bank-approves-new-money-transfer-app
