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U.S. Treasury Secretary Scott Bessent has publicly opposed the introduction of a central bank digital currency (CBDC), calling it a ‘sign of weakness.’ Conservatives argue CBDCs threaten financial privacy, while experts suggest the issue has lost urgency.
- Scott Bessent argues a CBDC is unnecessary as U.S. Treasuries already provide sufficient dollar exposure for foreign reserves.
- Trump's executive order bans CBDCs in the U.S., but a Congressional bill like Emmer's would make the prohibition more permanent.
- Over 100 countries are researching CBDCs, but only Jamaica, the Bahamas, and Nigeria have fully launched them.
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Other Tags: US Dollar, Ron Desantis, Scott Bessent, Tom Emmer, Biden administration, Trump Administration