Former Republican congressman and presidential candidate Ron Paul say he's in favor of cryptocurrencies and blockchain technology as he likes competitive currencies. Ron Paul delivered his remarks during a “Squawk Alley” interview on CNBC on July 15.

According to Paul, cryptocurrencies are an excellent idea, and governments ought to solely step in to manage the area to stop fraud:

“… I’m for the least amount of regulation. I don’t recognize what’s gonna happen to cryptocurrencies. i believe it’s a good plan. And that I solely have one rule: no fraud … I believe that the govt. has a role. And [if] someone has a case that there's fraud, I believe it ought to be investigated ... What I need to try to do is legitimize the liberty of choice, absent blatant fraud.”

Ron Paul conjointly drew many comparisons to the standard asset gold. Away within which Paul appears to suppose gold is similar to crypto is that each is assets competitory with fiat money. Paul said, “Governments aren’t very tolerant of competition, and they’re not even tolerant with using the Constitution to compete with the act dollar. Like gold and silver, you can’t use it.”

Ron Paul has antecedently mentioned his bullish views on cryptocurrency. In 2014, Paul expressed concerns concerning the backing of Bitcoin (BTC) and crypto normally, however, adopted a pro-crypto attitude that's pessimistic on fiat money within the long run:

“I simply don’t suppose the dollar goes to last. I don’t suppose any act currency lasts forever. All of them self-destruct. Right now, the globe is engulfed with act currency; they’re all paper currencies. That’s one among the other reasons the dollar holds up: What are you competitory against, the euro and therefore the yen? The competition out there isn’t any good.”

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