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Legalise Bitcoin and scrap the IRS – Former US Presidential candidate

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  • Former presidential candidate Ron Paul, advises the government to legalise Bitcoin 
  • Some states have strict crypto regulations guarding the operations of the industry 

Ron Paul, former presidential candidate has called on the government to legalise Bitcoin. According to him, the best way to be able to deal with cryptocurencies like Bitcoin would be to legalise it.

The former Texas congressman went on to state that Bitcoin interests him because the crypto asset was not a creation of the government. He made this statement on the Stephan Livera podcast where he also added that the government was, however, paying a close attention to the crypto asset.

Paul noted that the government should give people the liberty to make their choices. And to do that, the right thing would be for them to legalise Bitcoin. 

The libertarian also said that he had no believe in the Internal Revenue Service (IRS). So, because of that Bitcoin shouldn’t be taxed. This view of his is not entirely surprising as libertarians are generally against taxes. 

Paul used gold as an example of government dalliance to press home his points. The government did not legalise ownership of gold until 1975. His current call to legalise Bitcoin is to avoid a similar situation that happened back then.

Libertarians believe that people should have freedom of choice over everything. This includes the kind of financial system and the monetary currencies used in such systems.

United States yet to legalise Bitcoin 

The government of the United States is yet to legalise Bitcoin nationwide. 

Different states in the country have strict regulations guarding the operations of cryptocurrency. New York, for instance, is an example of one of such states with strict crypto regulations.

While in some other states, there is little to no regulations guarding the use of cryptocurrency. 

However, players in the crypto industry can expect the input of more regulation into the US crypto market. The Securities and Exchange Commission (SEC) have, at different times, released different regulation to guard the operation of the industry. 

Kamsi King

Kamsi King

King Kamsi is a fintech and digital currency writer and enthusiast. He is keenly interested in blockchain and cryptocurrency and their global adoption. When not busy with writing, he can be found hobnobbing in forums with the best minds in crypto, both developers and startup founders.

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