As a researcher who has spent years studying the intersection of technology and finance, I find myself both encouraged and concerned by the United States Department of the Treasury’s recent national strategy for financial inclusion. On one hand, it’s heartening to see the government prioritizing financial accessibility and security, especially for underserved communities. However, excluding cryptocurrencies like Bitcoin from the discussion seems short-sighted given their potential to democratize finance.
The U.S. Department of the Treasury has unveiled its blueprint for nationwide financial access, identifying cryptocurrencies as a possible danger to consumers.
On October 29th, as stated in a notice, the US Treasury revealed that their report titled “National Strategy for Financial Inclusion in the United States” was produced following a directive from Congress. The recommendations within this report aim to improve accessibility to secure financial products and services, thereby enhancing overall financial stability.
As stated by the department, one approach they take for promoting financial inclusivity involves studying a range of publications about consumer behavior and potential risks connected to digital assets. This strategy was mentioned in a report published in September 2022.
As a researcher, I’ve been following the US Treasury’s national strategy closely. It emphasizes on expanding avenues for secure and reasonably priced credit, enhancing the inclusivity of financial services and goods provided by the government, and safeguarding consumers from unlawful and exploitative practices.
According to National Economic Advisor Lael Brainard, Vice President Kamala Harris played a significant role in increasing access to financial resources, loans, and economic prospects.
The U.S. government department proposed that they would not regard cryptocurrencies such as Bitcoin (BTC) as a method to promote financial inclusion within the country. While supporters of digital assets understand the possible hazards associated with crypto investments, these technologies are frequently promoted as a means to create fairness for individuals who might lack access to conventional banking services.
US election could affect crypto policy in 2025
It’s uncertain whether Vice President Harris might adopt this approach if she manages to defeat Donald Trump, the Republican nominee, in the upcoming U.S. election in November. While she has indicated her support for the industry if victorious, she continues to voice worries about consumer protection.
Under Joe Biden’s presidency, an executive order was issued to set up a system for handling digital assets. This order also directed various government departments to examine how this digital ecosystem might affect consumer and investor protection, financial stability, financial inclusion, innovative responsibility, America’s financial dominance, and combating illegal financial activities. As part of these instructions, the Treasury Department has been working on suggesting policies regarding cryptocurrencies.
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2024-10-30 01:01