{"id":45483,"date":"2025-01-17T00:01:07","date_gmt":"2025-01-17T00:01:07","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/us-treasury-secretary-nominee-sees-no-reason-for-cbdc\/"},"modified":"2025-01-17T00:01:07","modified_gmt":"2025-01-17T00:01:07","slug":"us-treasury-secretary-nominee-sees-no-reason-for-cbdc","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/us-treasury-secretary-nominee-sees-no-reason-for-cbdc\/","title":{"rendered":"US Treasury secretary nominee sees \u201cno reason\u201d for CBDC"},"content":{"rendered":"<p><b>(Originally posted on : CoinJournal: Latest Crypto News, Altcoin News and Cryptocurrency Comparison )<\/b><br \/>\n<\/p>\n<div data-site=\"CoinJournal\">\n<div class=\"post-article-image  -mt-24  mb-8  lg:-mt-32  rounded  overflow-hidden\" data-site=\"CoinJournal\">\n<picture><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2022\/11\/1650716030802-f08b4c0a-3580-4d23-8882-1afc0fae118e-smartcrop-750x375.webp\" type=\"image\/webp\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2022\/11\/1650716030802-f08b4c0a-3580-4d23-8882-1afc0fae118e-smartcrop-363x181.webp\" type=\"image\/webp\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2022\/11\/1650716030802-f08b4c0a-3580-4d23-8882-1afc0fae118e-smartcrop-750x375.jpg\" type=\"image\/jpeg\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2022\/11\/1650716030802-f08b4c0a-3580-4d23-8882-1afc0fae118e-smartcrop-363x181.jpg\" type=\"image\/jpeg\"\/>\n<\/picture>                    <\/div>\n<ul>\n<li aria-level=\"1\">Scott Bessent believes a CBDC is only for countries that have no other investment alternatives<\/li>\n<li aria-level=\"1\">He adds that many countries are only issuing CBDCs \u201cout of necessity\u201d<\/li>\n<\/ul>\n<p>Scott Bessent, President-elect Donald Trump\u2019s pick for US Treasury Secretary, has said he sees \u201cno reason\u201d for the US to have a central bank digital currency (CBDC).<\/p>\n<p>Bessent was speaking during his <a href=\"https:\/\/www.finance.senate.gov\/hearings\/hearing-to-consider-the-anticipated-nomination-of-scott-bessent-of-south-carolina-to-be-secretary-of-the-treasury\" target=\"_blank\" rel=\"noopener\">nomination hearing<\/a> in front of the Senate Finance Committee on January 16. The hedge fund manager was responding to questions from Republican Senator Marsha Blackburn about how he would approach discussions regarding a US <a href=\"https:\/\/coinjournal.net\/search\/CBDC\">CBDC<\/a>.<\/p>\n<p>Answering, Bessent said: \u201cI see no reason for the US to have a central bank digital currency. In my mind, a central bank digital currency is for countries that have no other investment alternatives,\u201d adding that \u201cmany of these countries are doing it out of necessity, whereas the US, if you hold US dollars, you can hold a variety of very secure assets.\u201d<\/p>\n<h2>Exploring CBDCs<\/h2>\n<p>Many countries are already exploring the potential of CBDCs. For instance, in 2022, Brazil\u2019s central bank announced it was <a href=\"https:\/\/coinjournal.net\/news\/brazil-central-bank-plans-to-launch-cbdc-in-2024\/\">launching its CBDC<\/a>, Drex at the end of 2024.<\/p>\n<p>In August 2023, Russia rolled out the <a href=\"https:\/\/coinjournal.net\/news\/13-banks-to-participate-in-russias-cbdc-pilot-program\/\">first CBDC pilot<\/a>, involving 13 banks. A report, at the time, noted that the country\u2019s CBDC would begin to be operational in 2025.<\/p>\n<p>To date, only three countries have launched CBDCs: <a href=\"https:\/\/coinjournal.net\/news\/bahamas-becomes-worlds-first-country-to-launch-a-cbdc\/\">the Bahamas<\/a>, <a href=\"https:\/\/coinjournal.net\/news\/bank-of-jamaica-prepares-cbdc-pilot-for-august\/\">Jamaica<\/a>, and Nigeria.<\/p>\n<p>The US, however, has been hesitant to issue its digital currency. Yet, even though <a href=\"https:\/\/coinjournal.net\/news\/federal-reserve-bank-discloses-details-of-its-cbdc-research\/\">research has gone into the viability of one<\/a> in the US, Jerome Powell, chair of the US Federal Reserve, stated in 2021 that the department <a href=\"https:\/\/coinjournal.net\/news\/powell-gives-an-update-on-the-cbdc-launch-by-the-us-fed\/\">wasn\u2019t planning on launching a CBDC<\/a> anytime soon.<\/p>\n<p>Powell added that it would be \u201cyears rather than months\u201d for the US to develop a digital currency and that they would look at it \u201cvery, very carefully.\u201d<\/p>\n<p>Despite this, <a href=\"https:\/\/coinjournal.net\/news\/biden-signs-bitcoin-executive-order-and-says-cbdc-is-a-matter-of-urgency-to-the-us\/\">President Biden signed an executive order<\/a>, in 2022, actively calling for policies on Bitcoin and other cryptocurrencies, and urgent action in researching and developing a CBDC in the US.<\/p>\n<div class=\"post-meta\">\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Share this article<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Categories<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Tags<\/h6>\n<\/p><\/div>\n<\/p><\/div>\n<p><a href=\"https:\/\/coinjournal.net\/news\/us-treasury-secretary-nominee-sees-no-reason-for-cbdc\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : CoinJournal: Latest Crypto News, Altcoin News and Cryptocurrency Comparison ) Scott Bessent believes a CBDC is only for countries that have no other investment alternatives He adds that many countries are only issuing CBDCs \u201cout of necessity\u201d Scott Bessent, President-elect Donald Trump\u2019s pick for US Treasury Secretary, has said he sees [&hellip;]<\/p>\n","protected":false},"author":3947362367,"featured_media":45484,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[35],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/45483"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/3947362367"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=45483"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/45483\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/45484"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=45483"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=45483"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=45483"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}