Donald Trump’s Treasury Secretary Says No Need For a US CBDC
In an ongoing hearing with US Senators, Donald Trump’s elect for Treasury Secretary Scott Bessent says that the US government doesn’t need a CBDC. A central bank digital currency has been on the table for discussion amongst officials as digital assets and cryptocurrencies become more prominent worldwide. Multiple countries are already adopting their own CBDCs to serve as an alternative to fiat, but the US has been mostly against it. Under Donald Trump’s administration however, the idea is met with more mixed opinions.
JUST IN:
— Watcher.Guru (@WatcherGuru) January 16, 2025Donald Trump's Treasury Secretary Scott Bessent says there's no reason for the government to create a central bank digital currency. pic.twitter.com/uUsQLOikJ6
“I see no reason for the U.S. to have a central bank digital currency. In my mind, a central bank digital currency is for countries who have no other investment alternatives,” Bessent said. “If you hold U.S. dollars, you can hold a variety of very secure U.S. assets.”
Scott Bessent is the hedge fund billionaire who in November Donald Trump nominated for the top job at the US Treasury Department, responsible for enacting the president-elect’s pledges to cut taxes and raise tariffs. Trump, at the time of Bessent’s nomination, described him as “one of the world’s foremost international investors and geopolitical and economic strategists”, who was “widely respected”. If confirmed, Bessent would become a core member of Trump’s economic team.
Also Read: 3 Stocks To Jump Once Trump & Musk Officially Assume Governance Roles
Donald Trump’s Stance on CBDC
Back in May 2024, the US House voted on passing the CBDC Anti-Surveillance State Act. The bill bans any CBDC pilot programs before they’re proposed. Additionally, it prohibits the use of a CBDC to implement monetary policy and prohibits the Federal Reserve Board or the Department of Treasury from issuing a CBDC without Congressional approval.
There have been questions on whether the CBDC bill could be revised once Donald Trump is inaugurated as president. However, Trump has spoken against other countries launching CBDCs. Therefore, as a strong supporter of Bitcoin, he believes that Bitcoin mining is the final line of defense against central bank digital currencies CBDC developed by other nations.
Also Read: Microsoft Stock: Wall Street Gives Bullish Price Prediction for MSFT
Outside of discussing crypto and CBDCs, Scott Bessent also addressed some of Trump’s incoming economic policies. According to Bessent, Trump’s policies won’t further inflation, will correct fiscal spending, and not affect Social Security. Furthermore, he doubled down on Trump’s tariff and sanction plans, specifically saying that heavier sanctions against Russia are coming.
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Donald Trump’s Treasury Secretary Says No Need For a US CBDC
In an ongoing hearing with US Senators, Donald Trump’s elect for Treasury Secretary Scott Bessent says that the US government doesn’t need a CBDC. A central bank digital currency has been on the table for discussion amongst officials as digital assets and cryptocurrencies become more prominent worldwide. Multiple countries are already adopting their own CBDCs to serve as an alternative to fiat, but the US has been mostly against it. Under Donald Trump’s administration however, the idea is met with more mixed opinions.
JUST IN:
— Watcher.Guru (@WatcherGuru) January 16, 2025
“I see no reason for the U.S. to have a central bank digital currency. In my mind, a central bank digital currency is for countries who have no other investment alternatives,” Bessent said. “If you hold U.S. dollars, you can hold a variety of very secure U.S. assets.”
Scott Bessent is the hedge fund billionaire who in November Donald Trump nominated for the top job at the US Treasury Department, responsible for enacting the president-elect’s pledges to cut taxes and raise tariffs. Trump, at the time of Bessent’s nomination, described him as “one of the world’s foremost international investors and geopolitical and economic strategists”, who was “widely respected”. If confirmed, Bessent would become a core member of Trump’s economic team.
Also Read: 3 Stocks To Jump Once Trump & Musk Officially Assume Governance Roles
Donald Trump’s Stance on CBDC
Back in May 2024, the US House voted on passing the CBDC Anti-Surveillance State Act. The bill bans any CBDC pilot programs before they’re proposed. Additionally, it prohibits the use of a CBDC to implement monetary policy and prohibits the Federal Reserve Board or the Department of Treasury from issuing a CBDC without Congressional approval.
There have been questions on whether the CBDC bill could be revised once Donald Trump is inaugurated as president. However, Trump has spoken against other countries launching CBDCs. Therefore, as a strong supporter of Bitcoin, he believes that Bitcoin mining is the final line of defense against central bank digital currencies CBDC developed by other nations.
Also Read: Microsoft Stock: Wall Street Gives Bullish Price Prediction for MSFT
Outside of discussing crypto and CBDCs, Scott Bessent also addressed some of Trump’s incoming economic policies. According to Bessent, Trump’s policies won’t further inflation, will correct fiscal spending, and not affect Social Security. Furthermore, he doubled down on Trump’s tariff and sanction plans, specifically saying that heavier sanctions against Russia are coming.
Read More
Trump, tariffs and a potentially historic Supreme Court appearance: what’s at stake