US Treasury Nominee Questions the Necessity of a Central Bank Digital Currency

During a Senate confirmation hearing, Scott Bessent, nominated for the position of Treasury Secretary, expressed his skepticism about the need for a central bank digital currency (CBDC) in the United States. "A central bank digital currency is for countries who have no other investment alternatives," Bessent stated, emphasizing the strength and diversity of secure US assets available to dollar holders.

Preserving the US Dollar's Dominance

Bessent also highlighted the critical importance of maintaining the US dollar's status as the world's reserve currency. He argued that the current system offers ample security and investment opportunities, making a CBDC unnecessary for the US economy.