I advocate for cryptocurrency and competition between currencies

Former Republican congressman and repeated US presidential candidate Ron Paul (Ron Paul) said he supports cryptocurrency because he likes the competition between currencies.

During his interview with CNBC on Squawk Alley, Ron Paul said that cryptocurrency is a great idea, and the government only needs to regulate this area in order to prevent fraud.

“I am for the least pressure regulators. I do not know what will happen with cryptocurrencies, but I think that this is a great idea. I have only one rule: no fraud. The government has a definite role: if fraud has occurred somewhere, then this should be investigated. What I want to do is provide free choice and eradicate arrogant fraud, ”said Paul.

He also believes that cryptoactives are in a sense similar to gold, especially in terms of competing with fiat money, and the state is not too fond of something competing with its currency.

In addition, at the end of last year, Paul expressed the opinion that freeing operations with precious metals and cryptocurrencies from taxes would help avoid the recession created by the Fed.