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Binance co-Founder: 'All governments should track all their spending on the blockchain'

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Binance co-Founder: 'All governments should track all their spending on the blockchain'
Analysis
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Changpeng Zhao (CZ), Co-founder of Binance | X

Changpeng Zhao, co-founder of Binance, said that governments should track all public spending on blockchain to enhance transparency and accountability. This statement was made in a January 25 post on X.

According to Bloomberg, Elon Musk, as head of the Department of Government Efficiency (DOGE), is exploring the use of blockchain technology to monitor federal spending, enhance data security, facilitate payments, and manage government properties. Individuals associated with DOGE have reportedly met with representatives from public blockchain networks to assess their applicability for these purposes.

In December 2023, the Joint Financial Management Improvement Program (JFMIP) published a report titled "Harnessing Blockchain in the Federal Government: Key Considerations for Financial Management and Information Systems." This report details the expansion of a blockchain prototype for grants financial management across multiple federal agencies, aiming to enhance transparency, efficiency, and data integrity in federal financial management.


CZ's X post | https://x.com/cz_binance/status/1883177407483695503

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Donald Trump, in a virtual address at the World Economic Forum in Davos on January 23, 2025, said his goal of making the United States the "world capital of artificial intelligence and crypto." He highlighted the importance of deregulating the energy sector to lower costs and strengthen the U.S. as a manufacturing leader. Recent executive orders from his administration focus on advancing the adoption of digital assets and artificial intelligence technologies.

According to Investopedia, Zhao is a Chinese-Canadian entrepreneur who co-founded Binance in 2017. The platform rapidly became the world's largest cryptocurrency exchange by trading volume. Before his venture into cryptocurrencies, Zhao majored in computer science at McGill University and worked at Bloomberg Tradebook developing futures trading software. In 2013, he was introduced to Bitcoin, which led him to sell his Shanghai apartment to invest in the cryptocurrency.

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Binance co-Founder: 'All governments should track all their spending on the blockchain'

Changpeng Zhao, co-founder of Binance, said that governments should track all public spending on blockchain to enhance transparency and accountability.

Jan 27, 2025

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