Oppose the creation of 'digital dollar'! Incoming Treasury Secretary Scott Bessent: There is 'no reason' for the US to implement CBDC

Scott Bessent, nominated as the Secretary of the Treasury by President-elect Donald Trump, stated bluntly during Thursday's Senate confirmation hearing that he believes there is 'no reason' for the United States to implement Central Bank Digital Currency (CBDC).

During the hearing, when asked about 'how to view CBDC', Scott Bessent made a clear statement:

I can't see any reason why the United States should implement CBDC. In my opinion, CBDC is designed for countries that don't have other investment options.

CBDC is a digital form of legal currency issued and managed directly by the Central Bank of a country. The Federal Reserve (Fed) of the United States has been exploring the feasibility of implementing CBDC in recent years and published a report in 2022 analyzing the potential advantages and disadvantages of CBDC, but its attitude remains cautious so far.

Fed Chairman Powell has repeatedly emphasized that obtaining congressional authorization support is necessary before launching CBDC; while current Treasury Secretary Yellen, although supportive of further research on the application opportunities and challenges of CBDC, has a similarly conservative stance.

Some Republican lawmakers strongly oppose CBDC, believing that it could become a tool for government surveillance of people's transaction behavior. However, according to data from the Atlantic Council, currently 134 countries (accounting for 98% of global GDP) are exploring CBDC in different ways, including the United States.

Scott Bessent is the Treasury Secretary nominee appointed by Trump in late November last year. He has a positive attitude towards cryptocurrencies and has publicly praised Trump's embrace of cryptocurrencies in an interview with Fox Business in the past.

The organization Cedar Innovation Foundation, which supports the development of cryptocurrencies, highly recognizes the nomination of Scott Bessent. Colin McLaren, the participating director of the foundation, issued a statement on Wednesday.

Scott Bessent is a highly capable leader who can implement the expectations of voters in last November's election and promote a crypto-friendly policy direction. As Treasury Secretary, he will play a key role in planning and implementing the U.S. cryptocurrency regulatory framework, laying the foundation for American innovation, economic growth, and global leadership.

If he serves as the Treasury Secretary, he will play a key role in shaping the regulatory framework for US cryptocurrency, laying the foundation for national innovation, economic growth, and global leadership.

Avoiding conflicts of interest! Trump's new Treasury Secretary, Janet Yellen: If confirmed, will divest from her Bitcoin ETF holdings

〈Opposing the creation of 'digital dollar'! Prospective Treasury Secretary Scott Bessent: There is 'no reason' for the United States to implement CBDC〉 This article was first published in BlockTempo.