Bloomberg reveals Musk’s plans to cut U.S. budget with blockchain

According to a Bloomberg report citing an anonymous source, Elon Musk, head of the Department of Government Efficiency, is exploring the idea of adopting blockchain to modernize government operations.

Representatives of the DOGE have met with executives of Web3 companies to clarify the approach to using the technology.

According to Bloomberg experts, the idea of adopting blockchain for government operations is connected to Musk’s long-term goal of cutting the federal budget by trillions of dollars annually. He believes that the transparency offered by the technology will help tighten the control over government spending.

Evidently, Donald Trump’s administration and the new president’s supporters have taken to crypto-related matters quite profoundly, raising concern among representatives of many other countries.

European Central Bank board member Piero Cipollone claims the ECB intends to counter Donald Trump’s attempts to promote dollar-backed stablecoins in the EU. Cipollone notes that global stablecoin adoption can distract eurozone residents from local bank products.

Cipollone highlights Trump’s executive order to “promote the development and growth of lawful and legitimate dollar-backed stablecoins worldwide.” A response to the potential economic threat could be the launch of a digital euro.