US Treasury Secretary Candidate Opposes Digital Dollar
Date: 2025-01-17 Author: Henry Casey Categories: IN WORLD
Scott Bessent said at a Senate hearing that he does not see the need to launch a CBDC in the United States. According to him, such currencies are relevant for countries with limited investment opportunities.
Bessent, who previously co-founded Key Square Capital Management and served as chief investment officer at George Soros' Soros Capital Management, is considered a cryptocurrency advocate in the future presidential administration. His views mirror those of Donald Trump and a number of other politicians who have spoken out against a digital dollar.
A Federal Reserve report published in 2022 analyzed the possible benefits and risks of CBDCs. Experts indicated that such currencies could be useful for improving cross-border payments and increasing financial inclusion, but considered that launching a CBDC for the United States was not a priority.
Back in 2020, Fed Chairman Jerome Powell emphasized that it was more important for the United States to carefully develop an approach to creating a digital dollar than to strive for leadership in this matter.
In May 2024, the US House of Representatives passed a resolution prohibiting the Fed from offering a CBDC for use by individuals.
Thus, Scott Bessent's opinion highlights the continuity of policy regarding digital currency and continues the existing discussion about its necessity and potential risks for the US economy.
