Blockchain based accounting brings transparency to financial and unique ways. Through this transparency can be brought to various sectors starting from the financial sector of any country. And that is why it is possible to prevent corruption in a country by using blockchain technology. This time Binance co-founder Changpeng Zhao (CZ) chimed in. who called on governments of countries to bring all public spending on-chain in each country to bring transparency to a country's financial sector.
CZ tweeted this yesterday while calling out Elon Musk and the Department of Government Efficiency (DOGE) report exploring blockchain to track government spending and reduce the federal deficit in the US. Binance co-founder Changpeng Zhao (CZ) mentioned this in a tweet , All governments should track all their spending on the blockchain. And he also mentioned that an immutable public ledger should be used for this. It is called 'public expenditure' for a reason.
The prospect of onchain tracking of government spending has sparked an online debate. If this system or procedure is followed then financial accountability and transparency can be brought. So if this approach is followed then fiscal policy — budgetary decisions made by the government and monetary policy, decisions made by the Federal Reserve — will affect the money supply through changes in interest rates and money printing.
Basically countries usually keep gold as reserves. Which led former US President Richard Nixon to end the gold standard as well as remove the US dollar peg to gold. When he removed the U.S. dollar's peg to gold at the time, Nixon claimed that suspending the gold standard was a temporary measure and a way to stabilize the dollar in global currency exchange markets.
As a result, the US national debt exceeded $36 trillion over the next decade. This inflation of the money supply translates into a massive reduction in purchasing power by depreciating the dollar over time. And thereby governments of different countries are unregulated by a specific financial system then that country's financial system spends balloon due to the easy fix of printing more money and runs structural deficits to finance the budget.
It exists in part as a remedy for massive inflation and to promote transparency through a public blockchain ledger. However, in an interview with the current Donald Trump presidential election, he said about the idea of paying off the national debt with Bitcoin.
President Trump previously revealed in an August 2024 interview. He said of Bitcoin that the Bitcoin Strategic Reserve could reduce the national debt by 35% over 25 years. If you want to know more details about this then you can read this news .
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