US Treasury strategy for financial inclusion mentions digital assets

The United States Department of the Treasury has recently released its national strategy for financial inclusion, emphasizing the importance of expanding access to safe financial products and services. While the strategy focuses on increasing access to safe and affordable credit, improving the inclusivity of financial services, and protecting consumers from fraudulent practices, it notably excludes cryptocurrencies like Bitcoin as a means of financial inclusion in the country.

The report acknowledged the potential risks associated with crypto investments but did not view them as part of the strategy for fostering financial inclusion. Despite the recognition of blockchain technology’s potential to democratize finance, the Treasury Department’s approach underlines a cautious stance towards incorporating digital assets into mainstream financial initiatives.

In the context of the upcoming US election, where Vice President Kamala Harris is campaigning for the presidency, the stance on cryptocurrency policy could see potential shifts depending on the election outcome. While candidate Harris has expressed general support for the industry, concerns over consumer protection remain a key consideration in policy-making.

President Joe Biden’s administration has taken steps to address digital assets by issuing an executive order that outlines a framework for studying the impact of cryptocurrencies on various aspects of the financial system. This initiative directs government bodies, including the Treasury Department, to assess the potential implications of digital assets on consumer protection, financial stability, and combating illicit financial activities.

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