• Sun. Aug 14th, 2022

America on track with passage of Postal Reform Act, Briana Marbury, ED Interledger Foundation – TechEconomy.ng

The US government took two steps forward in the race for financial innovation last week.

The first was the Postal Reform Act passed by the Senate on March 8 in a bipartisan vote that showed that both sides of government can always work together, which is rare in the current political climate.

The next day, the White House issued the exhilarating executive order that ensures the responsible development of digital assets.

Perhaps the word “exhilarating” is relative and perhaps overstated, but the Executive Order is truly exciting news for our country.

Although the two are apparently unrelated, both actions are crucial to expanding financial inclusion and access for the American people.

Commenting on America’s moves in the race for financial innovation, Briana Marbury, Executive Director of the Interledger Foundation, recalled that the Postal Reform Act has been in the works for 15 years and is a breath of fresh air for debt-ridden service.

“Denying the fact that Postmaster General Louis Dejoy has made many mind-blowing decisions since taking office in 2020, the $107 billion, 10-year proposal will go a long way to easing the Post Office’s crippling financial obligations and bringing update its obsolete infrastructure.

“Despite years of being the whipping post for Republican criticism of government waste, the USPS has consistently received high marks for public trust and approval — and rightfully so.

“At the start of the pandemic, postal workers transformed into everyday heroes and continued to deliver essential and critical items, even as the world battled the deadly COVID virus.

“Then, in a move that would deepen its service offerings to the community, the USPS launched a postal banking pilot program in 2021 in 4 locations to provide financial services in areas without access.

“A day after the passage of the Postal Reform Act, the Biden administration signed an executive order that puts into words what many have been saying and/or thinking for some time now: America’s financial system is falling behind and desperately needs to evolve to keep pace with the rest of the world”.

Many countries, including Nigeria, have explored and implemented ways to expand financial access, as it has been proven that current financial systems and infrastructure often fail vulnerable communities.

Continuing, Marbury said, “Central Bank Digital Currencies (CBDCs) and digital assets are helping to bridge this gap. Until this was officially declared by President Biden, the United States was hesitant to jump on the innovation bandwagon and pondered the topic of innovation instead of moving forward in any meaningful way. As we sat at the train station and considered buying a ticket, the Bahamas introduced its own CBDC, the Sand Dollar, and China casually rolled out the Digital Yuan at this year’s Winter Olympics.

“The two measures taken last week will help us get back on track. Committing to improving the United States Postal Service, which includes the potential for expanding public banking services, as well as committing to advancing digital asset innovation in the language more assertive to date, we assert our claim to stay at the forefront. of the rapidly changing financial sector. Leadership in an interconnected and complex global economy requires a robust, forward-thinking approach from both the public and private sectors, and yes, it is exhilarating to see it in action.

Context:

Briana Marbury is Executive Director of Interledger Foundation, which aims to expand access to financial channels worldwide. She brings 15 years of experience and leadership in the not-for-profit sector, as well as a passion for advancing financial inclusion for all.

Public understanding of the immense potential of technology to improve lives. Briana was named one of the Top 100 Leaders of 2022 by Fintech Magazine.

the Interledger Foundation works to support financial innovation that will create a more equitable and creative society through an open payment network where anyone can easily earn, share, buy, sell and trade with anyone else in the world.


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