Technology news outlet Verdict reported on the launch on Oct. 16. The OpsChain Public Finance Manager (PFM) system enables transparent tracking of public budgets and expenditures viewable by all citizens. 

Big Four auditing firm Ernst & Young (EY) has launched a blockchain platform for public funds meant to enhance transparency.

PFM will also reportedly enable public funds to be matched with outcomes, which in turn would provide insight into how effective different policies are.

Enabling data-driven policy decisions

The system can reportedly track government public funds as they move through different state agencies. According to EY, data provided by the platform can potentially be used to better inform future policy decisions.

EY said:

“Blockchain technology can positively impact processes from tax collection to open data to public spending. … Modern public financial management requires focusing on the things that matter most – transparency, accountability and robust evidence for decision-making – all factors that can be enhanced by blockchain technology.”

Pilot testing in Toronto

EY also reportedly already tested tracking public funds on a blockchain in multiple places, including the Canadian city of Toronto. The system reported financial transfers between different government divisions, and the firm claims that the experiment increased the city’s transparency and efficiency.

Chief financial officer of the city of Toronto Heather Taylor said:

“With a commitment to championing the economic, social and environmental vitality of the city of Toronto, our officials strive to implement technologies that best help us meet our residents’ evolving needs.”

As Cointelegraph reported in April, the United States federal government is expected to raise its blockchain spending to $123.5 million by 2022.

Famous Venezuelan Entertainer Quits Acting to Lead Controversial Crypto Startup

Long-time Venezuelan actor and singer, Fernando Carrillo, has announced his retirement from acting. He has decided instead to venture into the crypto business. Starting May 1, Carrillo will become the CEO of Fight to Fame, though his role only extends to Mexico and the Latin American region.

According to an article published on April 29 by the Mexican newspaper, El Universal, Carrillo will lead the Singapore-based crypto firm founded by Morgan Shi. This company is known for issuing the FF Token.

Actor sees Blockchain as the “future”

Fernando, who is known for serial dramas such as “Siempre te amaré” and “Maria Isabel”, and films like “Pit Fighter” and “Gone Hollywood, “plans to get married and start a family, running his career in the world of cryptocurrencies.”

Carrillo spoke about the FF Token, praising its success in Asia. He also believes that the blockchain is the future. As such, he will be working to make the token a direct competitor from Bitcoin.

With regard to FF Tokens in the Mexican market, the actor commented:

“It is a world that I am getting to know, wonderful, just as you can win, you can lose. We are going to launch 40 million cryptocurrencies to the Mexican market, taking into account that we sold 37.5 million in Peru (…) Now we want to expand in Latin America.”

A fraud scheme?

The founder of Fight to Fame has been the subject of controversy in recent years. Some allegations claim that the company is a fraudulent scheme.

According to a Wall Street Journal report in 2019, Morgan Shi’s real name is “Shi Jianxiang”, who is a fugitive from Chinese authorities. He is accused of committing fraud and causing “trillions” of dollars to vanish.

Interpol issued a global wanted-persons notice against Shi in 2017 at the request of the Chinese government, who accused him of “crime of illegal fundraising by fraudulent means.” Despite the accusation, a spokeswoman for the FBI claimed not to have a warrant for Shi.

Carrillo’s defense on Shi

On the controversial reports on the legal status of Shi’s activities, Carrillo came to his defense:

“Morgan (Shi) lives in Los Angeles. Communist China persecuted many wealthy people to expropriate their wealth, but he was able to get out of there. If you search for his name on the internet, there will be some accusations that he is searched by Interpol, but it is a montage. Since working with him, he has been a righteous person, who has brought me knowledge, riches. I believe in what he’s doing.”

Cointelegraph reported in 2019 that former world boxing champion, Mike Tyson, refuted his involvement with Fight to Fame. The company was accused by the crypto research and analysis firm, Cointelligence, who called it a “total fraud.”

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