U.S. Government Taps Into Top Blockchains Led By Bitcoin and Ethereum to Post Economic Data

The post U.S. Government Taps Into Top Blockchains Led By Bitcoin and Ethereum to Post Economic Data appeared first on Coinpedia Fintech News

The United States Department of Commerce (DoC) has posted key economic data on blockchain technology. The DoC rolled out macroeconomic data from the Bureau of Economic Analysis (BEA) on several blockchains including Bitcoin (BTC), Arbitrum (ARB), Base, Botanix, Ethereum (ETH), Linea, Mantle, Optimism, Sonic, and ZKsync.

The U.S. macroeconomic data was onboarded on the various blockchains with the help of Chainlink Data Feeds and the Pyth Network. Some of the U.S. macroeconomic data onboarded on the various blockchains included real GDP, PCE Price Index, real Final Sales to Private Domestic Purchasers, and their respective annual percentage change.

“Pyth will initially offer quarterly releases of the GDP going back 5 years, and anticipates expanding this initiative to support a broader range of economic datasets. As governments modernize data infrastructure, Pyth is ready to provide the secure rails for digital transparency,” the Pyth network noted.

U.S. Government Committed to Blockchain Empowerment

The United States government under the leadership of President Donald Trump has remained committed to reversing the negative crypto moves made by the previous administration under President Joe Biden. 

“It’s only fitting that the Commerce Department and President Donald Trump, the Crypto-President, publicly release economic statistical data on the blockchain,” said U.S. Secretary of Commerce Howard Lutnick. “We are making America’s economic truth immutable and globally accessible like never before, cementing our role as the blockchain capital of the world. And everybody has to admit that 3.3% GDP growth is impressive.”

The Trump administration has already made several moves to attract crypto companies that were previously pushed overseas to invest in the United States. Furthermore, lawmakers are working on several crypto regulations after successfully passing the GENIUS Act.