Quick Summary
Elon Musk helps to clarify that the government of the United States of America does not intend to implement Dogecoin. The issue causing confusion was that Dogecoin mascot was used in the web page of the Department of Government Efficiency (D.O.G.E.). This name, Musk explains, was not meant to be an acronym, but instead the name was selected based on other people input. The department is geared towards reduction of waste and increase federal productivity by 15%. There is controversy on the restructuring process being undertaken by the department and how it mishandled layoffs. Early this month Dogecoin had soared but now the coin has declined by 3.3%.
Government not planning any Crypto, according to Musk
New speculation about Dogecoin and the creation of a Department of Government Efficiency by the U.S. government made Elon Musk talk about those concerns at a recent town hall in Green Bay, Wisconsin. The department found itself in rumors earlier this year when the Shiba Inu mascot often linked to Dogecoin was seen on the departmental web site. Many people assumed that the government could be in the process of integrating crypto.
Musks however rejected such claims. I am not aware of any future plans to use Dogecoin or anything at the Government level, or even in the States: he said. Musk provided that the name of his department coincided with the cryptocurrency by accident as the name of his department is D.O.G.E. At first coming up with the name of Government Efficiency Commission, but using the input of the internet community provided, he ended up with the surname, Department of Government Efficiency, due to the potential recalling ability.
Concentrating on the streamlining government operations
Musk states that the department was formed to enhance productivity and lessen bureaucratic waste in the federal agencies. The main target that he has in mind is enhancing the efficiency of the government by 15 per cent, but he does not have any plans to integrate the federal systems with cryptocurrencies.
Even though the coin had no crypto as a crypto, the appearance of the mascot on the departmental site gave it a short-lived rise in February. This frenzy has since died out and now CoinGecko shows that Dogecoin has decreased by nearly 3.3% in the past 24 hours.
The New Department is met by Controversy and Criticism
Musk has not been a very popular leader within the Department of Government Efficiency. The department has since its establishment found what Musk assures of being billions of dollars of inefficiencies, which have resulted in sweeping layoffs and reductions in budgets of other organizations such as the U.S. Agency for International Development (USAID) and the Social Security Administration (SSA).
However, not everything has turned out to be good. Reports about the wrongful firing of employees working in dangerous fields of services, e.g. working in nuclear defense or in Ebola belongs to the dangerous areas that have caused many concerns. Some critics have doubted the pace of staff alterations and its consequences to vital government provisions.
Musk is no longer a pro-crypto advocate, but not when it comes to the federal authorities
Though Musk ruled out the integration of the Dogecoin into government schemes, he is one of the loudest advocates of cryptocurrency. Tesla used to accept Dogecoin as part of the payment and Musk is the key figure in the success of this coin. At that, he is wary of financial risks involved, as meme coins may resemble a casino to a certain extent.
Musk clarifies everything: he is still a supporter of innovation and efficiency in the field of government management, but crypto is not included in the plan, yet.