Elon Musk has shown support for integrating blockchain technologies into US Treasury operations to enhance transparency and eliminate fraudulent activities.
Accusations of Fraudulent Payments
On February 2, Elon Musk accused US Treasury officials of authorizing unlawful payments that violate funding laws. This controversy arose after DOGE was granted access to Treasury systems, exposing sensitive financial data including Social Security and Medicare records. Advocacy groups filed lawsuits against the Treasury, claiming the data sharing with DOGE and Musk was illegal.
Musk Advocates for Blockchain Integration
In response to the situation, crypto investor Mario Nawfal inquired about using blockchain for Treasury transparency. Musk responded in favor of on-chain transactions. Other industry leaders like Cardano's CEO Charles Hoskinson also supported this idea, fueling discussions on enhancing financial oversight with blockchain technology.
DOGE's Exploration of Blockchain
Reports indicate that DOGE is actively seeking a blockchain platform for its operations. According to a January 25 Bloomberg report, discussions are ongoing about integrating blockchain into US government systems. MOVE has emerged as a potential candidate, with speculation inflating its token price. Industry analysts suggest DOGE might consider Bitcoin, Ethereum, or XRP Ledger for its blockchain efforts.
Musk's support for blockchain integration in Treasury operations raises significant questions about transparency and security of US financial systems. The forthcoming decision on the chosen platform may significantly impact this initiative's development.
