{"id":70720,"date":"2026-04-06T09:40:38","date_gmt":"2026-04-06T09:40:38","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/bitgo-ceo-proposes-using-a-public-blockchain-as-the-ultimate-solution-for-government-fraud-crypto-news-bitcoin-news\/"},"modified":"2026-04-06T09:40:38","modified_gmt":"2026-04-06T09:40:38","slug":"bitgo-ceo-proposes-using-a-public-blockchain-as-the-ultimate-solution-for-government-fraud-crypto-news-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/bitgo-ceo-proposes-using-a-public-blockchain-as-the-ultimate-solution-for-government-fraud-crypto-news-bitcoin-news\/","title":{"rendered":"Bitgo CEO Proposes Using a Public Blockchain as the Ultimate Solution for Government Fraud \u2013 Crypto News Bitcoin News"},"content":{"rendered":"<p><b>(Originally posted on : Bitcoin News )<\/b><br \/>\n<\/p>\n<div>\n<p><strong>Key takeaways:<\/strong><\/p>\n<ul>\n<li>\n<p data-path-to-node=\"1,0,0\">Bigo CEO Mike Belshe proposes using a <span>blockchain<\/span> to stop billions in annual US fraud.<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"1,1,0\">VP Vance\u2019s focus on fraud schemes shows how this is affecting the U.S. economy.<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"1,2,0\">Following 2025 trials, Russia enabled the digital ruble for all federal payments in January 2026.<\/p>\n<\/li>\n<\/ul>\n<h2>Bitgo CEO Mike Belshe: Put Money on a Public <span>Blockchain<\/span> to Reduce Fraud<\/h2>\n<p>While the federal government is trying to stop what President Trump has called a \u201cfree-for-all theft\u201d leading to state and federal fraud, <span>cryptocurrency<\/span> personalities have proposed new solutions to this issue.<\/p>\n<p>Mike Belshe, CEO of Bigo, one of the leading custody providers for digital assets, proposed implementing a <a href=\"http:\/\/www.bitcoin.com\/get-started\/what-is-a-blockchain\/\" class=\"lar_link lar_link_outgoing\" target=\"_blank\" rel=\"noopener noreferrer\">blockchain<\/a> to curb this problem, which might account for <a href=\"https:\/\/www.gao.gov\/fraud-improper-payments\" target=\"_blank\" rel=\"noopener noreferrer\">losses<\/a> reaching up to $521 billion annually.<\/p>\n<p><\/p>\n<p>On social media, Belshe <a href=\"https:\/\/x.com\/mikebelshe\/status\/2040584053855027298?s=20\" target=\"_blank\" rel=\"noopener noreferrer\">stated<\/a>:<\/p>\n<blockquote>\n<p>\u201cThere is a solution to all this state and federal fraud which doesn\u2019t require repealing the money: put it on a public <a href=\"http:\/\/www.bitcoin.com\/get-started\/what-is-a-blockchain\/\" class=\"lar_link lar_link_outgoing\" target=\"_blank\" rel=\"noopener noreferrer\">blockchain<\/a>.\u201d<\/p>\n<\/blockquote>\n<p>The system would hypothetically include making public disbursements to non-governmental organizations (NGOs) using a <a href=\"http:\/\/www.bitcoin.com\/get-started\/what-is-a-blockchain\/\" class=\"lar_link lar_link_outgoing\" target=\"_blank\" rel=\"noopener noreferrer\">blockchain<\/a> like Ethereum, and then publishing the transactions and addresses receiving them for general oversight. \u201cCitizens will take care of the rest,\u201d he stressed.<\/p>\n<p>Belshe\u2019s remarks come at a time when the Trump Administration is publicly battling fraud, with Trump himself appointing Vice President Vance as \u201cfraud czar,\u201d focusing on states controlled by Democrats, including California, Illinois, Minnesota, Maine, and New York.<\/p>\n<p>In California, eight individuals were recently arrested for their alleged involvement in a healthcare fraud scheme totaling over $50 million. The Department of the Treasury has <a href=\"https:\/\/home.treasury.gov\/news\/press-releases\/sb0354\" target=\"_blank\" rel=\"noopener noreferrer\">stressed<\/a> that \u201ccomplex fraud rings in Minnesota have stolen billions of dollars from state programs for their personal enrichment in the United States and abroad.\u201d<\/p>\n<p>Russia has already tested its upcoming central bank digital currency ( <a href=\"http:\/\/www.bitcoin.com\/get-started\/what-are-central-bank-digital-currencies\/\" class=\"lar_link lar_link_outgoing\" target=\"_blank\" rel=\"noopener noreferrer\">CBDC<\/a>), the digital ruble, for this same objective, with limited budgetary trials starting back in 2025. It can now be leveraged for all government payments since January 2026, with this use case identified as one \u201cwhere the capabilities of the digital ruble can be used to best effect.\u201d<\/p>\n<\/p><\/div>\n<p><a href=\"https:\/\/news.bitcoin.com\/bitgo-ceo-proposes-blockchain-as-the-ultimate-solution-for-fraud\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : Bitcoin News ) Key takeaways: Bigo CEO Mike Belshe proposes using a blockchain to stop billions in annual US fraud. VP Vance\u2019s focus on fraud schemes shows how this is affecting the U.S. economy. Following 2025 trials, Russia enabled the digital ruble for all federal payments in January 2026. Bitgo CEO [&hellip;]<\/p>\n","protected":false},"author":15,"featured_media":70721,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[32],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/70720"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/15"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=70720"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/70720\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/70721"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=70720"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=70720"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=70720"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}