Research analyst says that the idea to distinguish or track the US gold reserves to make its movements transparent on Blockchain in the same way that Bitcoin does not work, but doing this can help in the encrypted currency.
Greg Sibolaru, head of global research at the New York Digital Investment Group (NYDIG), said on March 21st. Note Trump administration officials, including Elon Musk, may float using Blockchain to track American spending and governments – an idea supported by CEOs for encryption.
“This is the thing related to a blockchain. It is not very smart,” said Cibolaro. “They are limited to the information they transmit. For example, Bitcoin has no idea about bitcoin price or so on.”
He said that the distinctive symbol or tracking of gold reserves on Blockchain can help in audit and transparency, but it still “depends on confidence and coordination with central entities” compared to bitcoin, which is “designed to explicitly remove central entities.”
Cipolaro added that symbolic ideas and Blockchain are not competitive in the encryption market and may help in increasing awareness, which can “ultimately benefit Bitcoin.”
It comes amid calls from some to independently scrutinize the gold reserves in the United States.
Republican Senator Rand Paul appears last month to invite the Federal Costs to Investigate Gold's Investigation in the United States Government in the Paulle in Fort Nox, and that which is He says It holds about half of gold in the country.
The Ministry of Treasury reviews and publishes Reports In Gold Golds in Fort Nox and other sites across the United States every month, President Donald Trump has grabbed conspiracy theories for decades about gold and wondered whether everything is still there.
source: Elon Musk
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They both paid independent scrutiny in Fort Nox. The last time was opened in 2017 to the Minister of Foreign Affairs at Trump Steve Manuchin at the time to watch gold and before that, in 1974 to a delegation in Congress and a group of journalists.
The mint site says that there is no gold inside or outside the Fort Knox for many years, except for the “very small quantities” used to test the purity of gold during audit operations.
Trump's Treasury Secretary, Scott Beesen, He said Last month, Fort Nox is checked every year and “all gold is present and is calculated.”
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