- Former Tesla CEO Elon Musk has been appointed to lead the “Doge department” of government efficiency under the Trump administration.
- Musk advocates putting the U.S. Treasury operations on blockchain technology to prevent fraudulent payments.
- The Treasury department currently processes approximately $5 trillion in annual federal payments.
- The Dogecoin cryptocurrency has seen significant price appreciation following Trump’s election victory.
- A new cryptocurrency working group has been established with venture capitalist David Sacks as chair.
Elon Musk‘s influence in U.S. financial policy has expanded dramatically as he assumes leadership of the newly created Doge department of government efficiency, following his declaration of a financial emergency during President Trump’s campaign.
The department, named after the meme-inspired cryptocurrency dogecoin, gained unprecedented access to federal payment systems on Friday, according to reports from the New York Times. Treasury Secretary Scott Bessent has granted the department oversight of the system that manages $5 trillion in annual federal disbursements.
Musk took to X (formerly Twitter) to highlight his concerns, stating “Career Treasury officials are breaking the law every hour of every day by approving payments that are fraudulent.” When asked about implementing blockchain technology for Treasury operations, Musk responded affirmatively.
The blockchain initiative represents a significant shift in federal financial management. Blockchain technology, which serves as the foundation for cryptocurrencies like Bitcoin and Ethereum, creates an immutable digital ledger of transactions that could enhance transparency and reduce fraud in government spending.
Sources close to the situation have revealed that discussions are ongoing about whether to utilize existing blockchain networks or develop a purpose-built government system. This follows Musk‘s previous consideration of blockchain technology for X, which was ultimately abandoned, as revealed in communications with his brother Kimbal.
The appointment of venture capitalist David Sacks as crypto and AI czar further strengthens the administration’s commitment to cryptocurrency adoption. Trump has publicly stated his intention to make the United States the “crypto capital” of the world, a message he reinforced at the World Economic Forum in Davos.
The market has responded positively to these developments, with dogecoin’s price rising significantly alongside bitcoin, as investors bet on increased mainstream adoption through Musk‘s government influence. The cryptocurrency’s legitimacy has already been partially established through its acceptance as payment at Tesla.
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