Ex-presidential candidate Ron Paul: I'm for cryptocurrencies, I like competition

U.S. presidential candidate in the 1988 election and former Republican House of Representatives member Ron Paul supports cryptocurrencies and blockchain technology because he likes competing currencies. He said this in a conversation with CNBC on July 15.

"I'm in favor of minimal regulation. I don't know what happens to the cryptocurrencies, but I think it's a great idea. I only have one rule: no fraud. Such cases require investigation. I want to legalize freedom of choice if it is not related to outright fraud," said Paul.

He also drew a parallel between cryptocurrencies and gold. According to Paul, their common feature is to compete with fiat money. "The authorities don't welcome competition very much. They don't 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 the opponent of the dollar in the form that leads to its inflation. No wonder he found his ideas reflected in the world of cryptocurrencies.

"Historically, the authorities have always had monopoly control over money and credit. That's why we have the Federal Reserve, not the market," he added.

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