Bessent Opposes US Central Bank Digital Currency

Scott Bessent, chosen by President-elect Donald Trump to lead the Treasury Department, expressed his opposition to a US central bank digital currency. He argued that such a currency isn't needed given the variety of secure U.S. investment options available.

Scott Bessent, selected by U.S. President-elect Donald Trump to oversee the Treasury Department, voiced his skepticism on Thursday regarding the necessity of establishing a digital currency by a central bank in the United States.

During his appearance before the U.S. Senate Finance Committee, Bessent maintained that a central bank digital currency would be appropriate only for nations with limited investment choices.

He asserted, 'I see no reason for the US to have a central bank digital currency,' noting that the U.S. dollar already offers investors a range of highly secure U.S. assets.

(With inputs from agencies.)