Official statements or press releases from the U.S. Federal Reserve

Trump's Treasury Nominee Bessent Opposes US CBDC: 'No Reason to Have One'

Jan 16, 2025, 06:20 PM

During his confirmation hearing, Scott Bessent, President-elect Donald Trump's nominee for Treasury Secretary, stated that he sees no reason for the United States to have a Central Bank Digital Currency (CBDC). In response to questioning from Senator Blackburn, Bessent argued that CBDCs are for countries that lack other investment alternatives and that the US dollar is sufficient for the nation's needs. His stance indicates a move away from the development of a US CBDC, contrasting with other regions like the Eurozone that are exploring digital currencies.