Trump's Treasury Secretary nominee Bessenet opposes the U.S. launching a digital currency, potentially reversing current policy

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Scott Bessenet, the Treasury Secretary nominee by Trump, clearly stated during his Senate confirmation hearing that he opposes the United States launching a central bank digital currency (CBDC). This position is consistent with Trump's previous opposition to the digital dollar, marking a significant shift in the U.S. government's exploration of digital currencies.

Bessenet stated, "The U.S. has no reason to need a CBDC," and believes that these digital currencies are more suitable for countries lacking other investment options. Currently, 134 countries worldwide are exploring CBDCs, including major economies like China.

Bessenet's position aligns with Trump's commitment made in January 2024, where he stated that if re-elected as president, he would "never allow" the U.S. to develop a CBDC. Bessenet's nomination strengthens this policy direction and reflects the Republican Party's general opposition to CBDCs.

In contrast, current Treasury Secretary Yellen supports exploring CBDCs. Since 2021, the Federal Reserve has been conducting research on CBDCs and has released relevant reports, but Federal Reserve Chairman Powell has remained cautious about the implementation of a digital dollar, emphasizing the need for congressional approval.

Bessenet's attitude conflicts with the Federal Reserve's research direction, which may hinder the U.S. government's continued exploration of digital currency plans. As countries around the world advance their own CBDC initiatives, the Trump administration's opposing stance may cause the U.S. to fall behind in this area.