The U.S. government should "stay out" of Bitcoin

Former U.S. lawmaker and presidential candidate Ron Paul does not think that cryptocurrencies should be considered money, but he is "amazed" by their growth.

30.Oct.17 4:44 AM
By Daria Zaytseva
Photo Toinnov.com

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The U.S. government should "stay out" of Bitcoin

In an interview with the financial organization TheStreet last week, Paul made a number of comments on this issue, saying that although he is not an expert, he supports technology, as it can help to legalize the alternative currencies in the U.S.

However, although Paul was ambivalent about whether he believed that cryptocurrencies would serve as money (given his preference for gold or precious metals), he was adamant about one point - that the involvement of the U.S. government in technology supervision should be limited.

Paul said if people wanted to use it, the government should stay away.

Nevertheless, Paul eventually mentioned two main problems with cryptocurrencies: first, it is the possibility of fraud, and the second is state supervision.

For example, Paul believes that there are already too many observations of existing currencies and how they are used, and he expressed concern that this could be applied to crypto assets.

But, despite his uncertainty on some aspects, he does think that blockchain technology "has a lot of future for it", statements that put him in the ranks of politicians to speak in support of technology.

It is noteworthy that the Paul’s son, Rand, began to take bitcoin for campaign donations this year, following the approval of practice by the election supervision groups.

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