Govt Should Stay Out of Bitcoin, Says Ron Paul

Former Presidential candidate of the United States and former congressman from Texas, Dr. Ron Paul recently urged legalization of all cryptocurrencies. He expressed his views on increasing prices and warned about involvement of government in Bitcoin.

He explained that there is

“too much surveillance already on how [cryptocurrencies] are transferred, [and how] the reports have to be made by the exchanges to the IRS.”

Dr. Paul stated in an interview with Kitco News Editor-in-Chief, Daniela Cambone, that the government should wait until something trending grows successful enough, and then attempts to severely restrict it or punish it.

Dr. Paul said, “If [Bitcoin] is a really good deal and a good process, rest assured the government will be looking at it very carefully. Government interest in Bitcoin makes me a little bit nervous, people should be very cautious. As for currency competition, if the people want [Bitcoin] and want to use it, the government should stay out of it.”

Dr. Ron Paul supports a wait-and-see approach even though he isn’t well familiar with the technology.

Ms. Cambone questioned him whether he is a believer in the cryptocurrencies to which Dr. Paul replied, “Well, I’d have to talk about the world ‘believable.’ I take some very strong political positions on competing currencies. I want to legalize all competing currencies. And if you can come up with a competing currency, and there is no fraud, I think it should be. Only time will tell if it’s going to survive as something they call money.”

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