U.S. Treasury Secretary Scott Bessent expressed opposition to a central bank digital currency (CBDC) during a recent Congressional testimony, viewing it as a sign of weakness in the U.S. economy rather than a strength. He emphasized that digital assets should remain in the private sector and noted that the existing structure, including U.S. Treasuries, sufficiently supports the global use of the U.S. dollar. This stance aligns with broader conservative skepticism regarding CBDCs, focusing on concerns around financial privacy and government control. Bessent’s remarks follow a history of resistance from conservatives, including House Majority Whip Tom Emmer, who has introduced legislation against implementing a CBDC. The Federal Reserve has also indicated that it does not plan to introduce a digital dollar. Critics of CBDCs fear they could infringe on personal freedoms and lead to state control over financial activities. Though interest in CBDCs has grown internationally, with several countries conducting research and pilot programs, the U.S. appears to be slowing its exploration of such initiatives under current leadership.

Source 🔗