Former US Congressman Ron Paul spoke in support of cryptocurrency.

Former congressman and US presidential candidate Ron Paul supports the development of the blockchain and cryptocurrencies, as he likes the competition between currencies.

According to Paul, cryptocurrency is “a great idea,” and the state’s role in regulating them should only be to prevent fraud in this area.

I advocate minimal regulation … I have only one rule: no fraud. Especially if you want to compete with the government. Because the government terribly does not like competition, – said Paul.

In this regard, the politician compared the cryptocurrency with gold in their unofficial competition with fiat money.

The authorities have always had monopoly control over money and lending. That’s why we have the Federal Reserve, not the market, he added.

It is worth noting that Ron Paul has repeatedly advocated cryptocurrency. In his book “End the Fed”, he stated that the huge number of wars that began during this century is directly related to the active development of central banks and the increase in their role in the economy. According to him, it is cryptocurrency and gold that can cope with the current “money monopoly.”

Recall that in 2017, Ron Paul appeared in the advertising video of the Coin IRA pension bitcoin fund on the national television channel FOX Business.

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