Ron Paul – former congressman of the Republican party and candidate for the US presidency – claimed that he is all for cryptocurrencies and blockchain, because he likes to see different currencies competing.

Specifically, during the “Squawk Alley” interview hosted by the CNBC on July 15, Ron Paul has shared his perspectives towards the matter, believing cryptocurrency is a good advancement, and the only involvement governments should have, is to come up with proper regulations to minimize fraud.

“… I’m for the least amount of regulation. I don’t know what’s gonna happen to cryptocurrencies. I think it’s a great idea. And I only have one rule: no fraud … I think that the government has a role. And [if] somebody has a case that there is fraud, I think it should be investigated …  What I want to do is legalize the freedom of choice, absent blatant fraud.”

Ron Paul has also pointed out a few significant contrasts, between cryptocurrencies and the traditional asset gold. According to the Republican congressman, the main similarity gold and crypto have with each other, is that both are in the race to compete with fiat money.

Ron Paul revealed that governments are not big fans of competition among currencies, and they are far from tolerant with the act of “using the Constitution to compete with the fiat dollar.”

“Because gold and silver, you can’t use it.” Paul further remarked.

Ron Paul has commented on his positive outlook regarding cryptocurrency. In 2014, Paul generally shared his worries about the backing of Bitcoin (BTC) and crypto, but ultimately expressed a bullish attitude towards crypto in bearishing fiat money in the future.

“I just don’t think the dollar is going to last. I don’t think any fiat currency lasts forever. They all self-destruct. Right now, the world is engulfed with fiat currency; they’re all paper currencies. That’s one of the other reasons the dollar holds up: What are you competing against, the euro and the yen? The competition out there isn’t any good.”