US Treasury Department Opposes Digital Dollar

US Treasury Secretary Scott Bessent has officially come out against the introduction of a central bank digital currency (CBDC), Reuters reports.

In his opinion, the creation of a digital dollar demonstrates the lack of sustainability of the traditional financial system. During the congressional hearings, Bessent emphasized that the development of digital assets should remain in the hands of the private sector, and not be regulated by the state.

"The US does not need a digital dollar to maintain confidence in its currency. Treasury bonds and existing instruments already ensure the dollar's dominance in international trade," the minister said.

He also pointed out that the US foreign reserve system is based on the diversity of available financial assets, making CBDC redundant.

"If central banks have a choice, as is the case with the dollar, there is no need for a digital currency. A CBDC only becomes relevant when a country has limited alternatives," Bessent explained.

Earlier, US leader Donald Trump once again spoke in support of cryptocurrencies, emphasizing that the States should take the lead in the field of digital assets. In his opinion, delay threatens to lose competitiveness against countries such as China.