Ron Paul Supports Bitcoin, Bashes IRS

Retired politician and former Congressman from Texas, Ron Paul said that the most appropriate way to deal with Bitcoin is to legalize it. Further, he criticized the Internal Revenue Service (IRS) and mentioned that there is no need for IRS.

Paul expressed his views about the world’s leading cryptocurrency during an episode of the Stephan Livera podcast. The former US Presidential candidate outlined his interest in Bitcoin and asked the government to legalize Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term as soon as possible.

“I thought the important thing is that we should do whatever we can to make it legal,” Paul said. He did not disclose the exact amount he is holding in BTC, but he certainly possesses some amount as he received his first BTC from Bitcoin Foundation in 2019.

While talking about the taxes on crypto assets, Paul said: “There is no need to even tax cryptocurrencies.” The former politician has always been a prominent supporter of Gold and said that it was illegal to own gold before 1975, and he does not want something like that to happen with the 'digital gold' Bitcoin.

Against IRS

The former congressman has always criticized the role of IRS in the US financial system. In an interview with Fox Business, he said: “The way income tax is collected is unconstitutional, and we don’t need the IRS.”

In the recent podcast, he repeated his stance and mentioned that he does not even believe in the IRS. Finance Magnates earlier reported about the IRS sending notices to the US investors for under-reporting crypto gains. The agency has targeted US-based crypto investors recently and sent wrong notices to people due to a lack of Regulation Regulation Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Read this Term and a legal framework for reporting cryptocurrency gains.

Paul added that the most important thing is freedom of choice. “The perfect system is freedom of choice, then you and I can decide exactly what we should use as our monetary system,” the former congressman said.