Trump’s pick for Treasury Secretary sees “no reason” for the US to introduce a central bank digital currency
President-elect Donald Trump’s nominee for Treasury Secretary does not believe the United States needs to launch a central bank digital currency (CBDC).
During his nomination hearing on Thursday, Scott Bissent He said The Senate Finance Committee said that the United States, unlike other countries, would not gain much from introducing a digital dollar.
“Regarding CBDCs, I see no reason for the United States to have a CBDC. In my opinion, a CBDC is for countries that have no other investment alternatives.
A central bank digital currency (CBDC) is a digital form of a country’s fiat currency, regulated by the central bank.
Holders of other currencies, especially the Chinese yuan (CNY) or renminbi (RMB), don’t have much to invest in, Besant says. He says this is not the case with the US dollar.
“Many of these countries do this out of necessity, whereas the United States, if you own a US dollar, can hold a variety of very safe US assets.”
In 2022, the Federal Reserve issued a discussion paper that looked at the pros and cons of a potential central bank digital currency (CBDC), but the central bank has so far made no decision to implement a digital dollar.
Trump does not support the idea of pursuing a CBDC. Last year, he told a crowd in New Hampshire that he would block the creation of a central bank digital currency.
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