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U.S. Treasury Official Rejects CBDC as ’Sign of Weakness’
U.S. Treasury Official Rejects CBDC as ’Sign of Weakness’
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Scott Bessent, a key figure at the U.S. Treasury, has dismissed the idea of a central bank digital currency (CBDC) under the current administration, labeling it a "sign of weakness." His remarks before the House Appropriations Committee reflect growing conservative skepticism toward CBDCs, which critics argue threaten financial privacy and sovereignty.
The private sector remains the preferred arena for digital asset innovation, according to Bessent. This stance aligns with broader Republican resistance to federal digital currency initiatives, which have been relegated to the "backburner" in policy discussions.
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