Cuba Bans The American Dollar

President Fidel Castro announces that all transactions using the American dollar will be banned, changing the way Cuba has done business for the last decade. The government said the change was necessary to protect its economy after the U.S. ramped up its measures to punish banks that ship American dollars to Cuba. People would still be able to hold onto the dollar in unlimited qualities, but the law requires that they be converted to pesos in order to be used across the country.