Elon Musk, Head of the newly-created federal agency DOGE, endorses putting U.S. Treasury transactions on the blockchain.
The American billionaire has been updating the public about his findings through the Department of Government Efficiency (DOGE). In a recent X post, he accused long-term Department of Treasury officials of constantly breaking the law.
According to him, these officials have been approving fraudulent payments or those unrelated to Congressional funding laws, indicating a lack of oversight in the department. Notably, he called for an end to this act, saying, ‘This needs to stop NOW!’
This accusation prompted the recently confirmed Treasury Secretary Scott Bessent to give Musk and DOGE access to the Treasury Department system.
Musk Supports Putting Treasury Transactions on Blockchain
Following his statement, popular crypto enthusiast and founder of IBC Group Mario Nawfal asked Musk whether the government should put the U.S. Treasury transactions on the blockchain to address the issue.
In response, Musk tweeted, ‘Yes!’, endorsing the idea of putting Treasury-related transactions on the blockchain to enhance transparency.
Yes!
— Elon Musk (@elonmusk) February 2, 2025
Musk Considers Blockchain Adoption to Enhance DOGE Operations
Since Donald Trump’s inauguration, Musk has been looking for ways to help the federal government cut costs through DOGE. Part of this effort could see the agency leverage blockchain technology to enhance its operations.
Last week, Bloomberg, citing sources familiar with the matter, reported that Movement (MOVE) is one of the top blockchains DOGE is considering to adopt. Although Musk and Movement’s team did not confirm the report, it led to a 12% spike in MOVE’s price.
Furthermore, Forbes reported that sources close to Musk claim that there are plans to utilize blockchain technology for the U.S. Treasury. According to the report, this move will help secure data, track federal spending, manage government assets, and make payments.
However, the sources did not disclose which blockchains are considered for adoption. Nonetheless, commentators suggest the agency might leverage an existing blockchain for the Treasury Department, including Bitcoin, Ethereum, or XRP Ledger.
Also, it could choose to develop an entirely new blockchain from scratch, which might be expensive, contradicting its goal of cutting costs at the federal level.
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