Former US presidential candidate and congressman Ron Paul doubled his plans to promote Bitcoin and called for Bitcoin to be legalized (BTC) in monetary form.
Paul argues that Bitcoin and Gold represent effective hedges for citizens and investors seeking to reduce the declining value of the U.S. dollar and fiat currencies in general. Paul is a staunch critic of the central bank’s excessive money printing during the coronavirus pandemic.
His to interview Kitco News on Wednesday said Paul said Bitcoin is money and should not be regulated like the dollar.
“Right now, if you buy and sell gold, you get it taxed. They can do it. If you make a profit on Bitcoin, you’re reading stories about people being taxed. You can’t tax money. You If you bought a dollar a year ago and it fell 10%, you can’t take a loss because your dollar lost its value, “he said.
According to the legalization of Bitcoin, Paul advocates that people’s choices should be taken into account and not be a matter for the state.
“I’m arguing more about the option to legalize freedom of choice, and the decision should be made by the people, not the government,” he said. “And the market will eventually decide that my goal is to help legitimize competition. And I think people will solve it; freedom to choose will organize it.”
The issue of regulation cryptocurrencies is a very inconspicuous thing among market authorities around the world. While the attitude of China, Nigeria, and the United States seems to be in line, most countries today are exploring ways to tax Bitcoin and cryptographic assets. Orally, the Norwegian and Australian tax authorities are advised their cryptocurrencies follow tax rules because the way of anonymity is a myth.
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