• 28 May, 2024
News

Robert F. Kennedy Promises to Put the US Budget on Blockchain

Robert F. Kennedy Jr., a candidate in the U.S. presidential race, has promised to integrate the U.S. budget system with blockchain technology, aiming to enhance transparency in government spending. Speaking at a campaign event on April 21 at the Royal Oak Music Theatre in Michigan, Kennedy detailed his intentions to make every budget item visible to the public. 

I’m gonna put the entire U.S. budget on blockchain. Every American can look at every budget item in the entire budget, anytime they want, 24 hours a day, he declared.

Kennedy emphasized the potential for public oversight in government expenditure, suggesting that excessive spending would be easily visible. He added,

We’re gonna have 300 million eyeballs on our budget, and if somebody is spending $16,000 for a toilet seat, everybody’s gonna know about it

The proposal has resonated within some sectors of the cryptocurrency community, where it is seen as a potent tool against corruption. Comments on social media reflected this sentiment, with one user noting that putting the entire US budget on blockchain “would be transformative.” Meanwhile, another user believes that “public accounting” might be the best use case for blockchain tech.

However, the initiative has its detractors. Critics argue that Kennedy’s blockchain proposal could be a stepping stone to advancing his agenda for a central bank digital currency (CBDC). Skeptic Jeremiah Harding voiced concerns via social media, stating it would be impossible to track all government transactions without shifting to a new type of currency, specifically a CBDC.

Kennedy has often expressed support for integrating decentralized technology to bolster the U.S. economy. He previously proposed linking the U.S. dollar to Bitcoin reserves, emphasizing that this could serve as an alternative to the current central bank system. Meanwhile, in a CNBC interview last month, Kennedy emphasized that “transactional freedom” is as crucial as “freedom of speech” and argued that it is specifically attainable through Bitcoin.

Further, Kennedy has voiced caution regarding CBDCs, portraying them as tools for increased governmental oversight and control over private finances. He outlined the potential risks associated with CBDCs, including surveillance, spending restrictions, and the expiration of money.

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