TechFlow reports that Musk shared data from the U.S. Department of Government Efficiency (DOGE) showing the U.S. Treasury processed 116 million paper checks in fiscal year 2024, with approximately $25 billion in tax refunds delayed or lost in fiscal year 2023 due to bounced or expired checks.
The data indicates that the Treasury currently maintains a physical lockbox network for receiving checks related to taxes (IRS), passports (State Department), and other services, at an average maintenance cost of about $2.40 per check. Eliminating paper checks could save at least $750 million annually.
In response, CZ briefly replied to Musk: "blockchain..." implying blockchain technology could potentially address such issues.
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