Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Russian Ministry of Defense: 37 Ukrainian drones destroyed in 4 hours over regions of Russia and the Black Sea.
Sheikh Qassem: Our supporters make up more than half of Lebanon's population, and all of these people are united under the banner of protecting Lebanon, its Resistance, its people, and its integrity.
Sheikh Qassem: There will be no phased handing in of our arms. [The Israelis] must first enact the agreement before we start talking about a defensive strategy.
Sheikh Qassem: Be brave in the face of foreign pressures, and we will be by your side in this stance.
Sheikh Qassem: Stripping us of our arms is like stripping us of our very soul, and this will prompt us to show them our might.
Sheikh Qassem: We will not abandon our arms, for they gave us dignity; we will not abandon our arms, for they protect us against our enemy.
Sheikh Qassem: The US efforts we are seeing are aimed at sabotaging Lebanon and constitute a call for sedition.
Sheikh Qassem: If you truly want to establish sovereignty and work for Lebanon’s interests, then stop the aggression.
Sheikh Qassem: The United States, which is meddling in Lebanon, is not trustworthy but rather poses a danger to it.
Sheikh Qassem: The United States is preventing the weapons that protect the homeland.

US Treasury nominee rejects need for Central Bank digital currency

  • By Al Mayadeen English
  • Source: Agencies
  • 16 Jan 2025 22:22
3 Min Read

The debate around CBDCs has gained momentum globally, with countries like China, India, and the European Union making strides in developing their own government-backed digital currencies.

Listen
  • x
  • AP
    Scott Bessent, President-elect Donald Trump's choice to be secretary of the Treasury, appears before the Senate Finance Committee for his confirmation hearing, at the Capitol in Washington, Thursday, January 16, 2025 (AP)

Scott Bessent, President-elect Donald Trump's nominee for Treasury Secretary, has dismissed the idea of establishing a central bank digital currency (CBDC) in the United States. Speaking at his Senate confirmation hearing on Thursday, Bessent argued that the US financial system does not require a CBDC due to its robust infrastructure and investment options.

"I see no reason for the US to have a central bank digital currency. In my mind, a central bank digital currency is for countries who have no other investment alternatives," Bessent said. He further explained, "Many of these countries are doing it out of necessity, whereas the US, if you hold US dollars, you could hold a variety of very secure US assets."

The debate around CBDCs has gained momentum globally, with countries like China, India, and the European Union making strides in developing their own government-backed digital currencies. Proponents argue that CBDCs offer security and efficiency under government oversight. However, the US Federal Reserve has been cautious, citing concerns about their necessity and potential implications.

Related News

EU eyes digital Euro to secure payment autonomy: FT

Hackers steal $1.5bln from crypto exchange in 'digital heist'

Digital divide

In May 2024, the US House of Representatives passed the CBDC Anti-Surveillance State Act, effectively blocking the Federal Reserve from issuing a CBDC without congressional approval. The legislation, championed by House Majority Whip Tom Emmer (R-Minn.), reflects fears about the potential misuse of digital currencies for government surveillance.

"For more than two years, we have worked to educate, grow support, and pass this important legislation, which prevents unelected bureaucrats from issuing a financial surveillance tool to fundamentally undermine our American values," Emmer said. He added that the bill safeguards privacy, individual sovereignty, and free-market principles in the US digital currency policy.

Read more: Iran unveils digital currency to boost payment infrastructure

Despite the Federal Reserve's assurances that it would not issue a CBDC without explicit congressional approval, prominent Republicans, including former President Trump, remain concerned about government overreach. Trump reiterated his stance, saying, "As your president, I will never allow the creation of a central bank digital currency... This would be a dangerous threat to freedom."

In contrast, some Democrats argue that banning CBDCs could weaken the US dollar's global dominance. Rep. Maxine Waters (D-Calif.) suggested that such a prohibition would stifle innovation and diminish the country's competitiveness in the global economy, potentially hampering the Federal Reserve's ability to address inflation effectively.

  • Digital currencies
  • Scott Bessent
  • US Treasury

Most Read

Tom Artiom Alexandrovich, executive director of the defense division of the Israeli National Cyber Directorate, undated (Social media)

Israeli-born US prosecutor drops Israeli officer child sex crime

  • Politics
  • 19 Aug 2025
Almost instantly after the Helsinki Accords were signed, organisations sprouted to document purported violations, whose findings were fed to overseas embassies for international amplification. (Al Mayadeen English; Illustrated by Zeinab el-Hajj)

How ‘Human Rights’ became a Western weapon

  • Opinion
  • 23 Aug 2025
Israeli soldiers stand on the top of armoured vehicles parked on an area near the Israeli-Gaza border, as seen from southern Israel, Wednesday, Aug. 20, 2025 (AP)

Palestinian fighters target Israeli soldiers, vehicles in Gaza

  • Politics
  • 21 Aug 2025
Launch of a ballistic missile from Yemen toward the occupied Palestinian territories. (YAF military media)

Yemeni Forces announce firing hypersonic missile at Al-Lydd Airport

  • Politics
  • 22 Aug 2025

Coverage

All
The Ummah's Martyrs

Read Next

All
Israeli Prime Minister Benjamin Netanyahu speaks during a press conference at the Prime minister's office in al-Quds, Occupied Palestine, Sunday, Aug. 10, 2025 (AP)
Politics

Netanyahu deliberately derailing truce with Gaza occupation: Hamas

Irish President Michael Higgins arrives to deliver his speech during a 42nd World Food Day celebration at FAO headquarters in Rome, on Oct. 16, 2023. (AP Photo/Alessandra Tarantino)
Politics

Irish president renews call for UN military intervention in Gaza

US Ambassador to Turkey and Special Envoy to Syria Tom Barrack speaks during an interview with The Associated Press at the US Embassy in Aukar, northern suburb of Beirut, Lebanon, Monday, July 21, 2025 (AP)
Politics

US envoy, Netanyahu discuss restraining attacks on Lebanon, withdrawal

Smoke billows following Israeli airstrikes in multiple areas in Sanaa, Yemen, Sunday, Aug. 24, 2025 (AP)
Politics

Ansar Allah vow sustained Gaza support despite Israeli strikes

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS