Robert F. Kennedy Jr proposes putting the 2024 US budget on blockchain

United States presidential candidate Robert F. Kennedy Jr. has proposed to place the nation’s 2024 finances on a public blockchain.

Throughout his April 21 rally in Michigan, Kennedy mentioned that placing the U.S. finances on the blockchain would permit People to entry any finances merchandise at any time.

In keeping with Kennedy, integrating the finances with blockchain know-how will considerably enhance transparency. He exemplified this by stating, “If someone is spending $16,000 for a bathroom seat, all people’s going to find out about it.”

If the proposal involves fruition, American taxpayers will be capable of observe the place funds are being spent. The concept was well-received by some corners of the cryptocurrency group, with some claiming it might finish corruption.

“Placing the whole US finances on blockchain can be transformative. I don’t consider in silver bullets, however that is as shut as one will get to 1,” wrote one X person.

One other person identified that “public accounting is likely to be the very best use case for blockchain tech,” along with supply-chain implementations.

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Nevertheless, some critics of the notion declare that Kennedy is utilizing this proposal to advertise his central financial institution digital forex (CBDC) agenda. In keeping with X person Jeremiah Harding, it isn’t doable for a authorities to trace all finances transactions with out implementing a “completely different unit of forex” like a CBDC.

Curiously, Kennedy, who’s a outstanding advocate for decentralization, has beforehand expressed issues 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 subject globally. Blockchain know-how, alternatively, 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