Presidential hopeful under the candidacy of the Democratic Party, Robert F. Kennedy Jr, has drawn attention to the blockchain’s immutability and highlighted its potential use in state affairs.
This comes after his May stance defending the right to operate blockchain nodes from home and self-custody innovative industry-neutral energy regulation.
What Has Been Said?
With preparations for the U.S. Presidential Elections ramping up, Robert F. Kennedy has stated his intention to put the entire U.S. national budget on the blockchain.
He proposed the idea at a Michigan rally, stating that the development would let every American look at “every budget item anytime they want, 24 hours a day. According to him,” if somebody is spending $16,000 for a toilet seat, everybody’s gonna know about it.”
What Does This Mean for The US?
Adopting this practice would indicate a big step from traditional budgetary practices. It would mean that the state was ready to use blockchain technology to make the national budget publicly available.
If implemented, this move would help promote accountability in state matters and engage ordinary American citizens.
National Budget and Beyond: The Blockchain Agenda
As early as 2023, Robert F. Kennedy Jr. revealed plans to not tax Bitcoin-to-dollar conversions under capital gains. This was part of his overall proposal to start backing the dollar with assets like crypto and gold.
He’d earlier stated that “Backing dollars and U.S. debt obligations with hard assets could help restore strength back to the dollar, rein in inflation and usher in a new era of American financial stability, peace and prosperity.”
Robert F. Kennedy admitted, though, that the start of the process would be slow. He also stated that “very, very small, perhaps 1% of issued T-bills” would be backed by these assets.
Reception on Social Media
Robert F. Kennedy Jr’s statements regarding the national budget were met with mixed opinions on social media. Some users praised the idea as brilliant and as a way to fight corruption.
On the other hand, some have criticized the plan, claiming that the presidential candidate was only focused on advocating for a central bank digital currency (CBDC).
