Trump's Treasury Nominee Scott Bessent Opposes U.S. CBDC at Senate Hearing, Contrasts with China

Jan 16, 2025, 06:37 PM

Scott Bessent, President-elect Donald Trump's nominee for Treasury Secretary, expressed strong opposition to the idea of a U.S. central bank digital currency (CBDC) during his Senate confirmation hearing. Bessent argued that CBDCs are suitable for countries with limited investment alternatives, stating, 'I see no reason for the U.S. to have a central bank digital currency.' He emphasized that the U.S. has no need for such a currency, contrasting with other nations like China that have pursued CBDCs out of necessity. Bessent also mentioned a '2025 approach' to digital currencies in the context of addressing terrorist financing, suggesting a modern outlook on the issue.