Elon Musk, who heads the Ministry of Effectiveness of the Government (DOGE) of President Donald Trump, called the US Treasury for approving fraudulent payments and suggested the blockchain as a solution.
His remarks came in response to concerns about the ineffectiveness and mismanagement of the department led by Scott Bessent.
Could the blockchain solve the fraud of the treasure?
The controversy began when Musk went to X on February 2, declaring that career officials in the US Treasury “violated the law every hour of the day” by approving unauthorized and illegal payments. Earlier, without offering proof, he said that these officers were under the instructions to always approve payments, even “fraudulent and terrorist groups known”.
His remark was quickly recovered by the cryptographic commentator Mario Nawfal, who then asked: “Should the treasure be put on the blockchain so as not to perform? Musk’s response was a “yes!” The outbreak of discussions on the question of whether the technology of the big distributed book could help to rationalize the practices of the federal government.
The defenders argued that the cash transactions moved to the chain would create an unchanging record in real time of each dollar spent. They suggested that this level of transparency could help to eliminate transactions back-space, poorly allocated funds and hidden documents.
Contributing to the conversation, Nawfal explained how the Treasury has executed transactions worth billions of billions per day, but its systems remain opaque and ineffective, which allows fraud and mismanagement. He said that chain transactions could guarantee an anti-fraud system, which has actually stopped missing offers and cases of funds.
The host of Podcast Lindsay Poss underlined the transparent network of Ukraine as a real example of the blockchain in government finance. She noted that the system follows the reconstruction funds, helping to combat 40% of aid estimated against corruption.
Others have echoed similar views, with X Keeny, mentioning that real -time monitoring could revolutionize major financial systems. However, some, like Aquino, a crypto trader and an analysis developer, were more cautious. They suggested that there could be challenges in the implementation of such a change, including political resistance and complexity of the inherited infrastructure revision.
Musk under fire
Musk’s remarks arise as a result of reports that DOGE may have had access to sensitive data from taxpayers held by the US Treasury in order to “illegally retain payments” to various government programs.
Last month, Tesla CEO found himself on the wrong side of legal action by the American Commission for Securities and Exchange (Sec), alleging that he had not disclosed his funds from X within the time required after having acquired more than 5% of the actions of the social platform.
He is currently the only leader of the DOGE working group after the resignation of the Vivek Ramaswamy co-leader in January. The billionaire businessman had previously warned that some of the measures that his team would apply could possibly slow down the growth in Bitcoin value.
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