Ron Paul, who participated in the previous presidential race in the United States, stated that a single terminology should emerge in the cryptocurrency industry that could reflect the essence of an asset.
According to the congressman, many regulators do not want to accept digital money as payment instruments mostly because of a lack of clarity,
In an interview, Ron Paul expressed his opinion on cryptocurrency:
“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 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.”
The official also compared gold with cryptocurrency, noting that the latter has much more prospects for development. Fiat cash is becoming obsolete year out, which can be demonstrated by a dollar inflation. Earlier, Donald Trump said that the dollar has the strongest foundation in its history, and thus does not require any alternatives.
Ron Paul urged officials to be more loyal to the cryptocurrency industry and to give large companies the opportunity to grow. Enterprises should also cooperate with regulators, especially in the legal field.