Howard Lutnick, the Secretary of Commerce and former CEO of Cantor Fitzgerald, announced that they will integrate blockchain technology into the government’s economic reporting.
Speaking at the cabinet meeting on August 26, President Donald Trump’s economic advisor Lutnick said, "The Department of Commerce will start publishing statistics on the blockchain. Because you are the president of cryptocurrency, and we will allow people to use this technology for data distribution by putting GDP data on the blockchain."
Lutnick stated that the details of the project are still being worked on, but it is designed to be shared with all government agencies. This initiative is said to provide a groundbreaking method for updating economic reports, making global markets more transparent.
Known for his positive attitude towards cryptocurrencies, Lutnick has previously compared Bitcoin to gold, defended Tether's reserves, and rejected criticisms linking stablecoins to illegal financing. He also expressed these views during the Senate confirmation process.
Lutnick also mentioned that while evaluating President Trump’s first 100 days at the rally in Michigan on April 28, the collaboration with David Sacks, the White House’s person responsible for cryptocurrency and artificial intelligence, enabled the establishment of a strategic reserve of Bitcoin.
Stay tuned for the latest developments.
