United States presidential candidate Robert F. Kennedy Jr. has proposed to place the nation’s 2024 funds on a public blockchain.
Throughout his April 21 rally in Michigan, Kennedy mentioned that placing the U.S. funds on the blockchain would permit People to entry any funds merchandise at any time.
In line with Kennedy, integrating the funds with blockchain know-how will considerably enhance transparency. He exemplified this by stating, “If anyone is spending $16,000 for a bathroom seat, all people’s going to learn about it.”
If the proposal involves fruition, American taxpayers will be capable of monitor the place funds are being spent. The concept was well-received by some corners of the cryptocurrency neighborhood, with some claiming it will finish corruption.
“Placing the complete US funds on blockchain could be transformative. I don’t imagine in silver bullets, however that is as shut as one will get to at least one,” wrote one X person.
One other person identified that “public accounting is perhaps one of the best use case for blockchain tech,” along with supply-chain implementations.
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Nonetheless, some critics of the notion declare that Kennedy is utilizing this proposal to advertise his central financial institution digital foreign money (CBDC) agenda. In line with X person Jeremiah Harding, it isn’t attainable for a authorities to trace all funds transactions with out implementing a “totally different unit of foreign money” like a CBDC.
Apparently, Kennedy, who’s a outstanding advocate for decentralization, has beforehand expressed considerations concerning the launch of a CBDC within the U.S. Again in Jan. 2024, he described a CBDC as “a calamity for human rights and for civil rights.”
Kennedy can also be one of many few presidential candidates who has publicly endorsed Bitcoin. Final 12 months, throughout the Bitcoin 2023 convention in Miami, he introduced that his marketing campaign would settle for Bitcoin (BTC) donations. The presidential hopeful additionally revealed that he bought Bitcoin throughout the identical 12 months.
Regardless of being endorsed by some regulators, cryptocurrencies have remained a extremely debated matter globally. Blockchain know-how, however, has seen implementations throughout a number of avenues within the public sector, and regulators have been open-minded of their strategy.
Learn extra: Kennedy Jr. to again greenback with bitcoin, if elected
