Former Congressman Ron Paul Calls for Legalizing BTC But Don't Tax

Godfrey Benjamin   Jun 03, 2021 08:40 2 Min Read

Former US Presidential candidate and Congressman Ron Paul doubled down on his pro-Bitcoin plan, calling for the legalisation of Bitcoin (BTC) as a form of money.

Paul argues that Bitcoin and Gold represent the effective hedges citizens and investors turn to in a bid to wade off the dwindling value of the US dollar and fiat currencies in general. Paul is a staunch critic of the Federal Reserve’s excessive printing of money during the coronavirus pandemic.

In his interview with Kitco News Wednesday, Paul said that  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 that. If you make a profit in Bitcoin, you read stories about people being taxed on it. You can't tax money. You don't tax it. If you bought a dollar a year ago and it went down 10%, you can't take a loss because your dollar lost value," he said.

Per the legalisation of Bitcoin, Paul advocates that should take people' choice into account and not be a state affair.

"I will argue more the case for the legalisation of freedom of choice, and the people should make a decision, not the government," he said. "And the market will finally determine that my goal is to help legalise the competition. And I think the people will sort it out; freedom of choice will sort it out."

The question of regulating cryptocurrencies is a highly discreet affair amongst market authorities around the world. While the stance of China, Nigeria, and the United States appears to align, most countries today are exploring ways to tax Bitcoin and crypto-assets. Verbally, the tax authorities of Norway and Australia have advised their crypto investors to adhere to taxation rules as the way of anonymity is a myth.

Image source: Shutterstock

China Clarifies its Stance on Bitcoin: Legal if the Crypto Does Not Act as Alternative to Fiat

Read More