according to the materials of the site - By BitcoinInfoNews.Com
Philippine Senator Bam Aquino proposed a bill to transfer the national budget to blockchain at the Manila Technology Summit, aiming to create the world's first fully on-chain fiscal system.
This initiative could revolutionize fiscal transparency and efficiency, as well as potentially expand the use of Polygon, impacting the development of blockchain-based governance worldwide.
Senator Bam Aquino plans to introduce a bill for the use of blockchain for the national budget. Presented at the Manila Technology Summit, the bill utilizes the existing DBM infrastructure to enhance fiscal transparency.
This proposal is based on the existing blockchain system of the Department of Budget and Management. It includes BayaniChain's Prismo and the Polygon network to track budget documents such as SARO and NCA. According to Aquino, "we use immutable ledgers to ensure accountability and track every peso spent in real time." The potential global impact of blockchain legislation.
If passed, the bill could make the Philippines a pioneer in blockchain-based fiscal management. Governments and the blockchain industry could benefit from this transparency, inspiring similar initiatives worldwide.
The financial implications include increased use of Polygon (MATIC), while the anticipated impact on other well-known cryptocurrencies such as Bitcoin and Ethereum is not projected. This proposal is still in the early stages of discussion.
Blockchain in public administration has precedents in Estonia and is partially used in US data, but lacks comprehensive budget applications. This proposal could become a global benchmark if it serves as a model for other countries. Aquino acknowledged: "No one is crazy enough to place their transactions on a blockchain where every step is recorded and transparent to every citizen. But we want to start."
Potential outcomes include increased transparency metrics in blockchain. If successful, the bill could boost demand for blockchain integration in public governance, influencing global trends in digital transformation.
