Washington, May 29: The Trump administration has unequivocally rejected the idea of creating a Central Bank Digital Currency (CBDC) in the United States. Treasury Secretary Scott Basset expressed concerns that a government-issued digital currency could serve as a means to monitor individuals’ financial activities, potentially endangering personal freedoms.
During a White House press briefing, Basset stated that the government’s stance on a digital dollar is crystal clear. He emphasized that this administration has made it clear that there will be no Central Bank Digital Currency.
Basset further noted that a CBDC could grant the government increased control and oversight over private financial transactions. He remarked, “I believe this would be the first step toward tracking.”
This indicates that the U.S. is among the countries that are cautious or opposed to government digital currencies, while many nations around the world continue to develop or test their own digital currencies.
Instead of supporting a digital dollar, Basset mentioned that the government aims to promote private sector digital assets and stablecoins within a regulated framework.
He stated, “We have passed legislation related to stablecoins with bipartisan support, and the ‘Clarity Act’ is currently in Congress, also receiving backing from both parties.”
The Treasury Secretary asserted that bringing digital assets under U.S. regulations would enhance security, rather than allowing the industry to operate unchecked.
He emphasized the importance of establishing the U.S. as the home for digital assets, stating that our regulations and best practices will set high standards. He criticized foreign digital asset markets for being less regulated.
In response to a question, he urged Congress to create clear and robust laws for digital assets to provide direction for the industry while also improving public safety.
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