Bitcoin Forum

What do you think about this? Do you think it can lead to a greater economy and transparency? I mean for government of a nation to make their national budget transparent by putting it on the blockchain?

That is what Philippines Senator, Bam Aquino is planning to do, to file legislation that will make this possible in Philippines.

https://coinmarketcap.com/academy/article/philippines-senator-proposes-blockchain-budget-system

Do you think it can reduce corruption and also enhance economic development?

I think i would be great. When the budget is placed on blockchain, people can view the flow of the money without having to look at government reports. This may force people to tell the truth. However, unless they place fake numbers on the blockchain, it will not solve the issue. Of course, it would be a precedent of transparency. The Philippines could be a good example in case it does it.

This is truly a bold initiative for the Philippines. The government of the country has already taken the initiative to buy 10,000 BTC for the national reserve and along with that, if a country's national budget is placed on the blockchain, the country's economy will be completely transparent and corruption will be reduced because no matter what the country does with money laundering, theft or corruption, it will be on the blockchain. The people will easily see how much money is being spent in which sector, so this is a groundbreaking, timely and bold plan among the South Asian countries. Not only will the people of the country benefit, but global trust will also be gained and international investment will increase.

The blockchain is immutable. Every piece of data stored on the blockchain cannot be edited or deleted, so yes, having the national budget on the blockchain will show transparency. However, I don't know if it's going to foster economic growth or curb corruption because the funds are going to be in fiat, and corrupt government individuals can always find a way to divert public funds. If the funds will be in crypto, it address the issue of corruption since everyone will be able to see it, track it and know how it is spent.

Blockchain makes it transparent, but it’s not limited to that alone. If this bill passes into law, the goal is transparency, and that also means the projects being funded should be thoroughly checked. Not like what’s happening now where massive corruption eats up trillions of pesos, ending up in the pockets of officials.

As a Bitcoin enthusiast, I really hope it passes. Maybe it will finally bring more transparency, since we’ll know where the funds are going and how much is being spent.

No it will not stop corruption if the other things that should be put in place are removed. An auditing system is one of the powerful tools that cuts-down things like corruption because even if you want to put the national budget on the blockchain as long as it is a human that will do that, they can tamper with some aspects of it before they do it.

By the way, I have a problem with this type of huge projects without any test trial. A province's budget should have be used a test before even thinking of proposing any bill. That way, you will not be doing a guess game and you will know straight-up that it solves corruption or has made the corrupt people learn how to go it.