The billionaire, the closest adviser to Donald Trump and the head of the US Government Efficiency Department (DOGE), Ilon Musk made another proposal, which, in his opinion, should reduce budget expenditures.
He said that all financial operations of the US Treasury must be carried out through blockchain. With such a proposal, Musk made after gaining access to the confidential records of the department. According to the head of DOGE, the Ministry of Finance regularly approves of dubious payments, and thanks to the blockchain, strict accountability can be ensured. It involves the use of blockchain to track federal expenses, make payments and management of resources of departments.
And although Musk is sure that the integration of blockchain into the work of state structures will reduce the costs, its critics warn about economic risks and the weakening of the US dollar. In addition, experts in the field of law argue that the access of an eccentric billionaire to the entries and systems of the Treasury can “violate the laws on confidentiality, exposing Americans to the risk of illegal use of data”.
The crypto community also negatively reacted to the offer of the mask. According to this news, the Dogecoin Memcoin he supported by 15%, Bitcoin decreased by 2.5%, and the Ethereum immediately fell by 18%, showing the worst result since November 2024.
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Source: Cryptocurrency
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