Ron Paul: ‚We should do everything possible‘ to legalize Bitcoin

The former Texas congressman believes that the government is „watching very closely“ to see what happens to the crypto currencies.

Former presidential candidate and congressman, Ron Paul, has been more outspoken about government oversight of Bitcoin and other cryptosystems in the past week, asking people to „be on the lookout.

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In an episode of Stephan Livera’s podcast released Sunday, Paul said he was as concerned about authorities coming to „confiscate“ his gold as he was about the confiscation of cryptoactives. The libertarian noted that there have been cases of people „taking the cryptos that they shouldn’t,“ but apparently blamed the government for any possible fraud in the future.

„The more successful the crypto currencies and Bitcoin are, I think the more you have to be aware of what’s going on in the government will become more aggressive,“ Paul said. „I see [crypto currencies] not as a creature of the government, but the government is watching very closely.

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The former Texas congressman, an outspoken critic of the Federal Reserve, is known for his defense of gold, although he owns at least a small amount of Bitcoin (BTC). Bitcoin Foundation board member Bobby Lee gave Paul his first BTC last October when the price was $9,380.

Since he left the US Congress in 2013, Paul has often spoken out in favor of cryptosystems and Blockchain technology. „When I was in Congress, I thought the important thing is that we should do everything we can to legalize [Bitcoin],“ Paul said. „I had a bill that would legalize competing currencies because if it’s used as money, you’re competing with the dollar, and there are some people who don’t like that.

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Paul has also expressed concern that cryptomonies remain vulnerable to government repression. In an episode of the Ron Paul Liberty Report released last Tuesday, the libertarian cited how President Franklin D. Roosevelt signed an executive order in 1933 limiting gold ownership in the United States in response to citizens hoarding the precious metal.

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„People say ‚well, we can solve this with crypto currencies … crypto currencies will be out of this … they’re not in the banking system and you won’t have that problem,'“ Paul said. „I think that’s where there are still some tests to be done.

He concluded:

„If the government can come in and do what they want and steal people’s gold, I don’t think the government will be neutral [with crypto currencies]. As time goes by, the goal of our government is to have a cashless society. And they want to know what’s going on.