Former Lawmaker Claims that He Wants to Help in Making Cryptocurrencies Legal in the United States

Ron Paul is a former United States Congressman who has gone out of his way to help out the crypto community. He was being interviewed by the online news streaming service Kitco News recently. During the interview, Paul revealed that cryptocurrencies are a form of money, just like any other fiat currency. He also added that digital assets have the potential to replace the dollar.

As per his opinion, the government would try to restrict crypto payments by introducing strict policies around them. He said that dollar has entered into direct competition with cryptocurrencies on an international level. He also told reporters that he attempted to introduce laws to help cryptocurrencies acquire the status of freedom and away from the risk of legal persecution by the government.

Government to Bash Cryptocurrencies due to the Threat it Poses to Dollar

The former congressman told the media in a recent interview that the probability of the government introducing heavy regulations around cryptocurrencies is very high. He claimed that the current rise of cryptocurrencies had cemented their positions as a perfect rival and replacement for fiat in the region. Although he said that people have the freedom to choose whatever mode of the monetary system they prefer, he said that the government would move to protect its monopoly in the market.

Commenting on the case of Bitcoin, Paul claimed that the people who invest in Bitcoin would not be able to make up for their losses after a while. He has agreed that all forms of digital assets are an acceptable form of money. He also made a bold remark that the government might develop the fear of Bitcoin replacing the dollar. As per his statements, the dollar would continue to lose its value and later on acquire a secondary value next to the crypto payments.

Gold Investors should be aware of the Upcoming Ban from the Government Authorities

Paul also included gold in his list of alternative money. At one point, he issued a warning that government would try to contain the gold markets and a good hedge for money under the current circumstances. Due to the large portions and frequency of money printed by the central banks in lieu of stimulus checks, the value of the dollar keeps hitting the ground.

Meanwhile, countries like China have already imposed a nationwide ban on crypto, claiming that it is a threat to the stability of the Chinese economy. Paul pointed out that the government does not tax the dollar. Nevertheless, it does not stop the government from introducing abrasive tax laws like capital gains taxes to discourage crypto markets from expanding their operations.

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