Official announcements from the U.S. Federal Reserve or government

Trump's Treasury Nominee Bessent Opposes U.S. Central Bank Digital Currency

Jan 16, 2025, 06:13 PM

Scott Bessent, nominated by President Donald Trump as the next U.S. Secretary of the Treasury, has expressed his opposition to the introduction of a Central Bank Digital Currency (CBDC) in the United States. During discussions, Bessent stated, 'I see no reason for the US to have a central bank digital currency. In my mind, a central bank digital currency is for countries that have no other investment alternatives.' His stance underscores a preference for the existing U.S. dollar system over adopting a digital currency, which he believes is unnecessary for a country with diverse investment options.