Connect with us

Hi, what are you looking for?

Cbdc
Cbdc

Cryptocurrency

Trump’s Treasury Nominee Scott Bessent Opposes US Central Bank’s Digital Currency

During his Senate confirmation hearing, President-elect Donald Trump’s choice for Treasury Secretary, Scott Bessent, expressed significant hostility to the concept of a US Central Bank Digital Currency. Bessent stated that the United States does not require a CBDC because it currently provides secure investing options. His view accords with Trump’s previous criticisms of central bank-controlled digital currencies, as well as broader Republican fears about government snooping.

Scott Bessent, President-elect Donald Trump’s likely Treasury Secretary pick, has expressed worries regarding the United States’ adoption of a Central Bank Digital Currency (CBDC). During his confirmation hearing with the Senate Finance Committee on January 16, Bessent explained that he saw no reason for the United States to pursue a digital dollar. He argued that countries with limited investment options, not the United States, which already provides stable assets like government bonds, are the primary target for CBDCs.

Bessent’s remarks represent a significant break from the expanding global trend of experimenting with digital currency. While countries such as China have already developed their own digital currencies, Bessent believes the United States does not have the same need for such a system. His remarks mirror Trump’s earlier pledge to oppose the creation of a digital dollar, a stance that many in the Republican Party maintain.

The topic of CBDCs in the United States gathered traction under the Biden administration, with President Biden signing an executive order in 2022 to investigate the construction of a digital dollar. However, resistance from MPs, notably Bessent, highlights the ongoing debate about potential concerns, such as financial privacy breaches and government spying.

If confirmed, Bessent’s leadership might signal a shift in the US government’s attitude on CBDCs, perhaps altering the current trajectory of digital currency research.

author avatar
Sagar Saini
A dedicated freelance blogger with a strong passion for finance and business, With a keen interest in the world of cryptocurrency.
Advertisement

You May Also Like

Cryptocurrency

This week’s Crypto Chronicle explores Ripple's potential SEC settlement, Canada’s leap ahead with Solana ETFs, growing controversy around MANTRA token, and Meta’s aggressive push...

Cryptocurrency

Arizona’s proposed crypto reserve bill, SB 1373, has passed a critical legislative stage and is now one vote away from becoming law. The lawmakers will...

Cryptocurrency

With tensions boiling over and wallets linked to sanctioned individuals being frozen, Russia is looking into making its own stablecoin. This step will lessen...

Cryptocurrency

A federal judge has halted a lawsuit filed by 18 U.S. states against the SEC, potentially influencing the agency's perspective on cryptocurrency. The lawsuit...

polkadot
Polkadot (DOT) $ 4.02 2.57%
bitcoin
Bitcoin (BTC) $ 92,739.00 0.97%
ethereum
Ethereum (ETH) $ 1,750.93 2.83%
cardano
Cardano (ADA) $ 0.696881 1.64%
xrp
XRP (XRP) $ 2.19 4.05%
stellar
Stellar (XLM) $ 0.268282 1.61%
litecoin
Litecoin (LTC) $ 81.60 3.47%