Elon Musk, who was appointed by President Donald Trump to lead the new Office of Government Efficiency, has proposed using blockchain technology as part of this initiative, Bloomberg reported.
According to those knowledgeable about the matter, Musk believes that using a digital ledger would be a cost-effective way to track federal spending, secure data, process payments, and manage buildings. Some representatives of public blockchains have met with DOGE branches, they said.
This department was established to respond to the federal government's $6.7 trillion spending in fiscal year 2024, which Musk called 'wasteful' money in October. He promised that this department - abbreviated as dogecoin (DOGE) - would cut this number down to a maximum of $2 trillion.
Given the name of this department and Trump's determination to establish cryptocurrency-friendly policies in the United States, Musk's plan to incorporate blockchain technology is not surprising.
In addition to creating DOGE on January 20, Trump also signed an executive order to establish a working group on digital assets led by venture capitalist David Sacks, tasked with identifying all regulations currently related to cryptocurrency within 30 days, among other duties.
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