Binance CEO Proposes Blockchain for U.S. Treasury Checks

Binance CEO Changpeng Zhao (CZ) has suggested that Elon Musk, the CEO of SpaceX and Tesla, consider adopting blockchain technology to replace government paper checks. This proposal comes in response to a tweet by the Department of Government Efficiency (DOGE) highlighting the inefficiencies and costs associated with paper checks.
The DOGE tweet, which Musk retweeted, stated that the U.S. Treasury processed 116 million paper checks in the 2024 fiscal year, with $25 billion in tax refunds delayed or lost due to checks being returned or expiring. The Treasury maintains a physical lockbox network for collecting tax-related payments and passport checks, with an estimated processing cost of $2.4 per check. Eliminating paper checks could save at least $750 million annually.
CZ commented on this, indicating that blockchain technology can solve such issues. By leveraging blockchain, governments can streamline their payment systems, reduce costs, and improve efficiency. Blockchain enables secure, transparent, and tamper-proof transactions, making it an ideal solution for replacing outdated paper-based systems.
This suggestion by CZ aligns with the broader trend of governments and institutions exploring the potential of blockchain technology. As the technology continues to evolve, it is expected to play an increasingly significant role in various sectors, including finance, supply chain, and identity management.

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