Former US Presidential candidate Ron Paul advocates for virtual currencies

The Austrian School economist and a libertarian, Ron Paul has advocated for a tax exemption on the digital currencies.

He made these assertions in the blog post titled ‘Trump is Right, The Fed is Crazy’  where he was vocal about criticizing the central bank and said that the only way of ending ‘monetary madness’ is to exempt the cryptocurrencies from the tax regime.

He also said that the issuance of a government-backed virtual currencies opposite to private or decentralized ones will lead to ‘Fed-created recession’.

He also said that a Fed-created recession could lead to the end of currency which is why they should support the use of non-state-backed fiat currencies and all the virtual currencies should be out of the parlance of capital gains taxes.

“The next Fed-created recession can be expected sooner or later. This could be major catastrophe that leads to the end of fiat currency and the only way of avoiding crisis is to force Congress for ending our monetary madness,” said Paul.

“The first steps are passing the Audit the Fed bill which will allow the people to use alternative currencies and exempting all transactions in precious metals.”

 In his blog post, he also explained that the government intervention and their cynical approach towards cryptocurrencies is the biggest barrier.

He also said that the world will one day witness a monetary system which is based more on cryptocurrencies and precious metals as both of these have plethora of opportunities in the coming future.

In 2013, a cryptocurrency named RonPaulCoin was introduced by someone for paying a tribute to him as he has remained an advocate of the bright future of the cryptocurrencies.

The Austrian School economist and a libertarian, Ron Paul has advocated for a tax exemption on the digital currencies.

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