July 16, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

US presidential candidate in the 1988 elections and former Republican Party member Ron Paul supports cryptocurrency and blockchain technology because he likes competing currencies. He said this in a conversation with CNBC on July 15.

“I advocate minimal regulation. I do not know what will happen with cryptocurrencies, but I think this is a great idea. I have only one rule: no fraud. Such cases require investigation. I want to legalize freedom of choice if it is not related to overt fraud,” said Paul.

He also drew a parallel between cryptocurrencies and gold. According to Paul, their common feature is competing with fiat money.

“The authorities are not too welcome to competition. They do not even welcome the use of the constitution to compete with the fiat dollar,” he added.

Paul is known as a staunch supporter of gold, although he does not call for a return to the gold standard, and an opponent of the dollar in a form that leads to its inflation. Not surprisingly, he found a reflection of his ideas in the world of cryptocurrencies.

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

In 2017, Paul recommended the authorities to “stay away” from people who want to use cryptocurrencies.