The U.S. Division of Housing and City Improvement (HUD) is reportedly mulling over the usage of blockchain expertise and stablecoins.
ProPublica, citing a gathering recording, “three officers aware of the matter” and different reviewed supplies, studies that the manager division is contemplating utilizing blockchain expertise to trace HUD grants.
Irving Dennis, HUD’s principal deputy chief monetary officer, has reportedly been driving the blockchain dialog, in keeping with one unnamed official on the division, although Dennis denied that concept to ProPublica.
Dennis beforehand labored as a associate on the accounting big EY, which reportedly despatched an govt to debate the blockchain concept with HUD officers earlier this 12 months. EY confirmed that discussions happened, in keeping with ProPublica.
HUD has additionally reportedly explored the usage of stablecoins. The blockchain and stablecoin discussions have generated some concern on the govt division.
Mentioned one HUD official to ProPublica,
“I don’t see any approach this may assist something. I see quite a lot of methods this might harm.”
Elon Musk, who heads President Donald Trump’s new Division of Authorities Effectivity (DOGE), has reportedly seemed into leveraging blockchain expertise to slash authorities bills, monitor federal outlays, defend US information towards unhealthy actors, course of funds and handle properties.
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