Treasury Secretary Scott Bessent Calls FED CBDC

By: bitcoin ethereum news|2025/05/07 12:15:01
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US Treasury Secretary Scott Bessent has again opposed the idea of a Central Bank Digital Currency (CBDC). He stated that he would not favor a move by the Federal Reserve to create one, calling it a sign of weakness. Scott Bessent Opposes The Fed Creating A CBDC While testifying before the House appropriations subcommittee, the US Treasury Secretary spoke against the idea of the Fed creating a digital currency. He called it a sign of weakness, noting that digital assets belong in the private sector. This isn’t the first time that Scott Bessent has spoken against creating a CBDC. During his nomination hearing, he remarked that digital currencies are for countries with no other investment alternatives. The US Secretary also noted that countries like China have considered creating one, but there was no need for the US to create one. US President Donald Trump has also shown that he doesn’t support the Fed creating a CBDC. Following his inauguration in January, the President signed an executive order prohibiting agencies from working towards establishing and issuing central bank digital currencies. So far, Jerome Powell and the Fed have shown no indication of creating a CBDC, which Scott Bessent opposes. Instead, the Fed Chair has only called for stablecoin regulations to manage these cryptocurrencies as their use cases increase. As Coingape reported, the US Senate will likely vote on the stablecoin bill before May 26. If passed, it would become the first major crypto regulation in the US. The US House is still deliberating on its version of the stablecoin legislation at the committee level, with key members like Rep Maxine Waters objecting to the bill. Meanwhile, the crypto community is still waiting for Scott Bessent and the US Treasury to release their report on the proposed US Strategic Bitcoin Reserve. The Treasury is meant to outline a comprehensive plan for managing this reserve using the seized assets. ✓ Share: Boluwatife Adeyemi Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across several topics and niches. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover, a traveler and a part-time degen. Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss. Source: https://coingape.com/treasury-secretary-scott-bessent-calls-fed-cbdc-sign-of-weakness/

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WEEX P2P update: Country/region restrictions for ad posting

To improve ad security and matching accuracy, WEEX P2P now allows advertisers to restrict who can trade with their ads based on country or region. Advertisers can select preferred counterparty locations for a safer, smoother trading experience.

 

I. Overview

When publishing P2P ads, advertisers can now set the following:

Allow only counterparties from selected countries or regions to trade with your ads.

With this feature, you can:

Target specific user groups more precisely.Reduce cross-region trading risks.Improve order matching quality.

 

II. Applicable scenarios

The following are some common scenarios:

Restrict payment methods: Limit orders to users in your country using supported local banks or wallets.Risk control: Avoid trading with users from high-risk regions.Operational strategy: Tailor ads to specific markets.

 

III. How to get started

On the ad posting page, find "Trading requirements":

Select "Trade with users from selected countries or regions only".Then select the countries or regions to add to the allowlist.Use the search box to quickly find a country or region.Once your settings are complete, submit the ad to apply the restrictions.

 

When an advertiser enables the "Country/Region Restriction" feature, users who do not meet the criteria will be blocked when placing an order and will see the following prompt:

If you encounter this issue when placing an order as a regular user, try the following solutions.

Choose another ad: Select ads that do not restrict your country/region, or ads that allow users from your location.Show local ads only: Prioritize ads available in the same country as your identity verification.

 

IV. Benefits

Compared with ads without country/region restrictions, this feature provides the following improvements.

Aspect

Improvement

Trading security

Reduces abnormal orders and fraud risk

Conversion efficiency

Matches ads with more relevant users

Order completion rate

Reduces failures caused by incompatible payment methods

V. FAQ

Q1: Why are some users not able to place orders on my ad?
A1: Their country or region may not be included in your allowlist.

 

Q2: Can I select multiple countries or regions when setting the restriction?
A2: Yes, multiple selections are supported.

 

Q3: Can I edit my published ads?
A3: Yes. You can edit your ad in the "My Ads" list. Changes will take effect immediately after saving.

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