Robert F. Kennedy Jr., a U.S. presidential hopeful, suggests making the country’s 2024 budget transparent by placing it on a public blockchain.
At a rally in Michigan on the 21st of April, Kennedy proposed making the US budget transparent by placing it on the blockchain, enabling citizens to view and check any budgetary detail whenever they wanted.
Following Kennedy’s perspective, incorporating budgets into blockchain technology would greatly enhance transparency. He illustrated this concept by explaining, “Any attempt to spend $16,000 on a toilet seat will be publicly disclosed for all to see.”
Should the proposal succeed, American taxpayers will have the ability to monitor how funds are being used. This suggestion gained approval from certain sectors of the cryptocurrency world, who believe it could put an end to corrupt practices.
One X user expressed that making the entire U.S. budget transparent through blockchain technology would bring about significant change. While I’m skeptical of quick fixes, this approach comes pretty close.
A different user noted that using blockchain technology in public accounting could be particularly effective, besides its application in supply chain management.
Some critics argue that Kennedy’s proposal is actually a disguised push for a central bank digital currency (CBDC), as they don’t believe governments can monitor all financial transactions without introducing such a currency. As stated by user Jeremiah Harding, this alternative form of currency is necessary for effective tracking.
It’s worth noting that Kennedy, who is known for his support of decentralization, has raised objections to the introduction of a Central Bank Digital Currency (CBDC) in the United States. In January 2024, he went so far as to call a CBDC a “disaster” for human rights and civil liberties.
Kennedy is among a small number of presidential candidates who have openly supported Bitcoin. At the Bitcoin 2023 conference in Miami last year, he declared that his campaign would welcome Bitcoin donations. Additionally, he disclosed his personal purchase of Bitcoin during the same period.
Although some regulatory bodies support cryptocurrencies, there is ongoing controversy about them worldwide. In contrast, blockchain technology has found use in various areas of the government sector, with regulators adopting a more accepting stance.
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2024-04-22 16:16