Bitcoin [BTC] should have minimal regulation, taxation around it, says former US Representative Ron Paul

Ron Paul, a former US Representative, spoke with CNBC Crypto Trader regarding Brad Sherman’s comments on Bitcoin and aspects regarding Bitcoin’s regulations.

Brad Sherman, in a hearing, said that Bitcoin should be banned as it posed a threat to the US Dollar and in turn to the US international financial power as the US Dollar is the standard of international finance and transactions. He said that Bitcoin needed to be “nipped in the bud”.

Ron Paul opined on Brad Sherman’s comments on Bitcoin and said:

“Maybe he’s sincere, but I’m sincere too that I don’t trust the government to do it. He’s using it as a justification for regulation, because somebody might steal.”

He further added that this move by Rep. Brad Sherman was preemptive and that the regulations surrounding Bitcoin should be in support of the same to help improve the Bitcoin ecosystem.

Paul added:

“The only regulation or talk of regulation should be to reduce any obstacle and people who have new technologies like cryptocurrencies and blockchain technologies should have the freedom to develop it without anybody obstructing them. There shouldn’t be any rules to say that ‘we have to take care of everybody. I’d much rather see the least amount of regulations around Bitcoin.”

In addition, Paul agreed that Bitcoin and other decentralized currencies were trying to take control from the government and give it to the free market. He said that it was what the free market was being developed for.

A Twitter user @mdpienaar, commented:

“The Dollar won’t crash. It will be purposefully depreciated to make USA production more competitive, instead of using tariffs on imports. Free market floating exchange rates have more staying power than charging tariffs on imports, according to mainstream theory. Just a guess.”

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