Russian experts advise Cubans on “banking” and online services

Russian press media confirmed this week that several experts from that country are advising Cuban officials on the so-called “banking” process, digitization of tax control and electronic banking, among other online services.

according to him a report From the Prime newspaper, experts from the Institute of Russian Growth Economics sent many proposals and analyzes on these financial operations, guided by the experiences of the Russian economy. It was Boris Titov, who heads the Russian-Cuban Business Council, who leaked this news to the local press.

“In the Cuban version, a single platform can include registration services for new entities, maintenance of their records, payment of taxes and banking services: account opening, cash management services, receipt of payments,” the press note states.

The Russians point out that the Cuban government is “currently contemplating moving from strict state regulation to developing private competition,” and therefore propose to take advantage of the Russian experience to orient themselves towards “success.”

Russians direct “banking” and digitization of banks in Cuba

Anton Sviridenko, executive director of the aforementioned institute, insisted on the necessity of “taking advantage of the Russian experience in digitizing tax control and electronic banking services, and combining these technologies within a digital platform.”

It is clearly in the interests of Russian officials that their proposals be heard and that they work “jointly” for the “success” of the island’s economic transformation. One of the big proposals is to create a “Business Development Bank” in cooperation with Russian banks.

According to this information, said bank will have to keep records of commercial entities, provide online registration, open accounts, maintain cash and settlement services, transfer taxes as a financial agent, and transmit data in automatic format to the Cuban fiscal authority.

“The creation of the Development Bank will double the ability to control the payment of taxes, will significantly reduce the circulation of cash and will lead to the abolition of the dollar in the Cuban economy. In addition, the introduction of the platform will create a basis for analyzing the economic situation and controlling prices.”