Former Republican congressman Ron Paul expresses his interest in cryptocurrency

Ron Paul, former Republican congressman expressed his interest in cryptocurrencies and blockchain technology by saying that he is in favor of the two as he admired competing currencies.  Ron Paul voiced these comments in a Squawk Alley interview on CNBC.

Paul suggested that governments should intervene in the crypto space for regulatory purposes only mainly to prevent fraud. He said,

“… I’m for the least amount of regulation. I don’t know what’s gonna happen to cryptocurrencies. I think it’s a great idea. And I only have one rule: no fraud … I think that the government has a role. And [if] somebody has a case that there is fraud, I think it should be investigated …  What I want to do is legalize the freedom of choice, absent blatant fraud.”

Paul also compared digital assets to the original store of value – gold. He outlined the comparison based on gold and crypto’s competition with fiat money. He further added,

“Governments aren’t very tolerant of competition, and they’re not even tolerant with using the Constitution to compete with the fiat dollar. Because gold and silver, you can’t use it.”

Previously in 2014, Paul wasn’t a big fan of cryptocurrencies as he expressed his concerns about the backing of cryptocurrencies. However, Paul became pro-crypto and also spoke about his bullish views on cryptocurrency. He said,

“I just don’t think the dollar is going to last. I don’t think any fiat currency lasts forever. They all self-destruct. Right now, the world is engulfed with fiat currency; they’re all paper currencies. That’s one of the other reasons the dollar holds up: What are you competing against, the euro and the yen? The competition out there isn’t any good.”