HUD Considers Crypto Use

This is a news story, published by Gizmodo, that relates primarily to ProPublica news.

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cryptocurrency

Gizmodo

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Business

Business & Economics

U.S. Housing Agency Considers Launching Crypto Experiment

Summary

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83% Informative

The U.S. Department of Housing and Urban Development is considering taking a first step to using cryptocurrency.

A meeting recording and other materials reviewed by ProPublica and three officials familiar with the matter.

The discussions have sparked concern among some at the department, especially about the prospect of paying recipients of major federal grants in cryptocurrency.

HUD officials discussed a project in which CPD would track the funding going to a single CPD grant recipient and possibly subrecipients on the blockchain.

Some attendees saw merit in the idea, suggesting it could reduce inaccurate data from grant recipients and enable real-time reporting and monitoring of their spending.

HUD officials continued to raise concerns in a follow-up meeting, a recording was reviewed by ProPublica .

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semi-formal

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English

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