Congressman Ron Paul has come forth with his own ideas and theories regarding cryptocurrency and its place in the current financial sector. The Congressman said that Bitcoin is definitely a new concept and maybe the ideal financial solution of the modern world, but that doesn’t hold right now, maybe far into the future.
The Congressman urged that there should be legislative bodies developing rules and laws for Bitcoin as it is a kind of money at its heart, so why shouldn’t it compete with the dollar? Speaking with Kitco News, Ron said that people should be given the liberty to choose their preferred form of money which works best for them and they are willing to interact with. But he also acknowledged that this idea is far from being realized in the real world. There exists a lacking attitude of the government bodies and even the members of the congress towards the idea of cryptocurrency.
This is the very reason why Bitcoin, along with other cryptocurrencies, is not getting anywhere officially; all the adoption is being commenced by private financial firms and institutes, whereas the government bodies seem utterly disinterested. Most of the policy and lawmakers don’t even have the first idea what Bitcoin or, for that matter, cryptocurrency is, and if they don’t even know what it is or what it is used for then, there is no way that regulations are going to come or laws are going to be passed around Bitcoin.
One of the most irrational fears of the government in the eyes of Ron is that what if Bitcoin overtakes and replaces the dollar? But according to Ron, that is highly unlikely as the dollar will stay for sure but would be far less important and drop in value. It might not even remain mainstream, and that is another fuel feeding state’s financial fears about Bitcoin. It is a possibility that the government would make some more intensive laws to retain the dollar’s value, and that further interrupts the passing of laws and regulations for Bitcoin and cryptocurrency in general.
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