Scott Bessent Opposes US Central Bank Digital Currency
- Scott Bessent, nominee for Treasury Secretary under President-elect Donald Trump, opposes a US central bank digital currency (CBDC).
- Bessent argues that CBDCs are more suitable for countries with limited investment options.
- The Federal Reserve has been exploring the potential for a CBDC since 2021.
- Federal Reserve Chair Jerome Powell stated that any CBDC would complement existing money forms and require congressional approval.
- Bessent previously expressed support for cryptocurrency and the president’s embrace of crypto.
During his Senate Finance Committee hearing, Scott Bessent expressed skepticism about the necessity of a US CBDC, emphasizing its suitability for nations lacking diverse investment opportunities. The Federal Reserve’s ongoing exploration of CBDCs contrasts with Bessent’s cautious stance.
