Close Menu
Invest Intellect
    Facebook X (Twitter) Instagram
    Invest Intellect
    Facebook X (Twitter) Instagram Pinterest
    • Home
    • Commodities
    • Cryptocurrency
    • Fintech
    • Investments
    • Precious Metal
    • Property
    • Stock Market
    Invest Intellect
    Home»Cryptocurrency»Kamala Harris’ digital dollar Vision: A new era of financial inclusion? | PaymentsSource
    Cryptocurrency

    Kamala Harris’ digital dollar Vision: A new era of financial inclusion? | PaymentsSource

    July 26, 20245 Mins Read


    Kamala Harris
    Kamala Harris has led several technology initiatives as vice president.

    Ting Shen/Bloomberg

    It’s likely that very few people have heard of the U.S. Digital Service. But Kamala Harris’ push to expand the agency suggests that a potential Harris presidency could lay the groundwork for a central bank digital currency. 

    In 2020, then-Senator Harris proposed an unsuccessful 400% increase in funding for the USDS, an agency that still has fewer than 200 people. Harris said the USDS could play a role in improving government disbursements for disaster relief and other purposes such as pandemic stimulus payments. 

    “One of the issues that is up for discussion with digital money is: It could give the Federal Reserve more power,” said David Bieri, an associate professor of urban affairs at Virginia Tech University. “The link that Harris may make is to emphasize the inclusion concept. If the Fed were to have a digital dollar it could benefit marginalized segments.” 

    While the Obama Administration created the USDS to improve the technology that underpinned the Affordable Care Act, the USDS’ work provided early technology that can power a digital dollar, which remains in limbo in the U.S. as CBDC projects advance in dozens of other countries.

    CBDCs are designed to streamline payments that involve a central bank, with the goal of expanding access to financial services or speeding payment processing. CBDCs can also serve as an alternative to private digital assets, such as stablecoins or other forms of cryptocurrency. In the U.S., CBDCs have faced controversy over the economic impact on banks, uncertainty over use cases, and a lack of clarity over the political path required to approve a digital dollar. 

    “The argument from the conservative point of view is that digital currencies could disintermediate the banking industry,” Bieri said. “It would give the Federal Reserve more control.”  

    The battle over a CBDC in the U.S. will play out against the backdrop of the 2024 election, which will include clashing philosophies over the role of government in regulating and enabling financial services. Harris is the likely Democratic nominee following Joe Biden’s announcement that he would not seek a second term. 

    Donald Trump has likened CBDCs  to “government tyranny.” Other conservatives such as Florida Governor Ron Desantis have expressed opposition to CBDCs, and some banks are concerned that a digital dollar could cause consumers to withdraw funds from bank accounts. President Biden has pushed for work on a CBDC as part of a broader government effort to build policies for digital assets, but has not taken a strong stand on the issue.

    Harris could use the power of the presidency to advocate publicly for a CBDC and lobby members of Congress and regulators for approval. Pushing for a digital dollar could also be a way for Harris to forge a distinct path from Biden on financial services issues.  

    If Harris becomes president in January, there are reasons to think the U.S. will issue a CBDC soon, according to Robert Hockett, a law professor at Cornell University. Harris’ push to increase the funding of the USDS puts her on record as supporting an initiative that could lead to a digital dollar. Hockett, who worked on a pandemic-era digital currency project tied to the USDC, said the USDC is capable of converting TreasuryDirect accounts into a system of peer-to-peer digital wallets. 

    “Such a system could serve as a public option for digital banking and payments for all Americans, eliminating the problems of inefficient clearing and the plight of the unbanked in a single stroke,” Hockett said. “Since the Treasury would have to coordinate any such system with Fed monetary operations, a digital Treasury dollar would amount to a CBDC.”

    Harris is from the San Francisco Bay Area and has long been a proponent of technological innovation, according to Susan Lindeque, CEO of Avestix, a financial services firm specializing in technology-focused investment products. As vice president, it appears Harris tempered that support because Biden took a more cautious approach to digital assets, Lindeque said.

    “However, should Harris’s bid for the White House pick up speed, it’s easy to imagine her coming out more aggressively in favor of innovations such as a digital dollar, which could help counter [GOP Vice Presidential candidate] J.D. Vance’s [ties to Silicon Valley],” Lindeque said. 

    As vice president, Harris in 2023 led the Women in the Sustainable Economy (WISE) Initiative, which bolstered economic empowerment for women. WISE, a $900 million public/private partnership program, focuses on increasing the number of women who start technology-focused businesses and women enrollment in STEM programs at universities. It also attempts to address the digital divide in gender. Participants in WISE include Citigroup, which raised and managed $130 million in local currency financing in Kenya to expand access to solar energy. 

    Another participant, Mastercard, has invested $9 million in Pakistan, Peru and Vietnam through WISE and the Strive Women Initiative. Mastercard’s project reached 6 million entrepreneurs, mostly women, who accessed financial and payment technology through the program. And Visa has invested $52 million through WISE over the past three years to finance about 1.4 million small businesses globally. Visa network also made a $3 million grant to the Climate Gender Equity Fund via its WISE participation. 

    “So it’s also safe to assume Harris could also encourage more women entrepreneurs in tech,” Lindeque said. 



    Source link

    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

    Related Posts

    Sjmine Cloud Mining is the best way to explore the cryptocurrency ecosystem and earn passive income through cloud mining.

    Cryptocurrency

    Why Should You Use Crypto?

    Cryptocurrency

    Kazakhstan’s Digital Tenge Project Wins Award at Global CBDC Conference

    Cryptocurrency

    The digital euro has enraged half of Brussels. Here’s what you need to know. – POLITICO

    Cryptocurrency

    Lawsuit seeking cryptocurrency associated with massive bank fraud appears headed for dismissal

    Cryptocurrency

    India,UAE to start settling trade in local currencies soon – Economy News

    Cryptocurrency
    Leave A Reply Cancel Reply

    Top Picks
    Commodities

    How Export Quotas to the EU Affect Ukrainian Agricultural Exports and Europeans Themselves

    Commodities

    Egypt to enhance commodity exchange for economic contribution

    Commodities

    Metal Hammer Tracks Of The Week: August 1, 2025

    Editors Picks

    La fintech norvégienne Two lève 13 millions d’euros pour simplifier les paiements B2B

    July 14, 2025

    Aussie-based fintech expands to Glasgow with HALO Invest

    August 28, 2024

    Ruble exchange rate: Russia and Brazil increase the share of settlements in national currencies

    June 30, 2025

    BNP PARIBAS REIM FRANCE LANCE IMAREA PIERRE

    April 2, 2025
    What's Hot

    Mongolian metal sensations The Hu announce North American headline shows amid Iron Maiden tour

    August 12, 2024

    DexBoss (DEBO) is the Top Choice for Investors

    February 20, 2025

    Who Is The Wealthiest Person To Ever Land In A US Prison? His Crypto Connections Might Surprise You

    August 15, 2024
    Our Picks

    Artificial Intelligence (AI) Deepfake Video Scams Steal $273,350 From Three Men: Report

    July 14, 2024

    Stock market today: Dow, S&P 500, Nasdaq futures drift as Wall Street digests July inflation report – sg.finance.yahoo.com

    August 12, 2025

    Jim Cramer Says A Consumer Rebellion Is Coming, That Could Be Good News For These Dividend Stocks

    July 26, 2024
    Weekly Top

    Interest on 10-yr Treasury bonds falls below 10% as lending from banks wanes

    September 18, 2025

    Kazakhstan’s Digital Tenge Project Wins Award at Global CBDC Conference

    September 18, 2025

    Gold, Silver Prices Today, September 19: Yellow Metal Rises On MCX | Check Latest Rates Today | Savings and Investments News

    September 18, 2025
    Editor's Pick

    National Football League and Sony Launch New Technology Partnership

    August 10, 2024

    Al-Jouf Agricultural Development Co. : Sadif Investment Analytics opte pour une recommandation de vente

    April 3, 2025

    Sodium-ion batteries are set to spark a renewable energy revolution – and Australia must be ready

    July 21, 2024
    © 2025 Invest Intellect
    • Contact us
    • Privacy Policy
    • Terms and Conditions

    Type above and press Enter to search. Press Esc to cancel.