Rand Paul wonders if crypto could become a global reserve currency
Senator Rand PaulRandal (Rand) Howard PaulFauci overwhelmed by calls after newspaper error regarding beagle experiments McConnell seeks way out of debt ceiling Senators push bipartisan pressure to block 0M arms sale to the Saudis MORE (R-Ky.) In a new interview asked if cryptocurrency could replace the dollar as the world’s reserve currency, as it continues to gain traction around the world.
“I started to wonder now if cryptocurrency could really become the reserve currency of the world, as more and more people lose faith in government,” Paul said in an interview on “Axios on HBO” which aired on Sunday.
The senator made headlines in 2015 when his presidential campaign announced that he would accept donations of bitcoin on his website.
The announcement came after the Federal Election Commission approved an advisory opinion in 2014 allowing campaigns to accept donations of bitcoin, subject to assessment and reporting policies.
Paul said the cryptocurrency is bigger now than he ever imagined in 2015.
“I was amazed at how it grew and I was always, you know, more of a person who believed that our currency had to be backed by something of real value like gold or silver or commodities, and I was always wondering though crypto isn’t backed by anything either, ”said Paul.
“But here is what I started to believe now is that government currencies are so unreliable, they are also fiat currencies, they are not backed by anything. The dollar has been more stable than most. other countries and it is therefore the reserve currency, ”he added.
When asked how concerned he is about illegal uses of cryptocurrency and whether there should be more regulation of digital currency, Paul pointed to government oversight of private bank accounts.
“I guess I’m more concerned about the government snooping into our private bank accounts, whether it’s cryptocurrency or your bank account,” he said.
The senator’s comments come as the focus is on Capitol Hill when it comes to cryptocurrency and Democrats work to increase bank reporting requirements for IRS tax collection purposes. .
A bipartisan couple of senators introduced a bill last month to increase oversight of cryptocurrency mining overseas.
The legislation would direct the Treasury Department to prepare a report on how countries use and mine cryptocurrency and how much has been mined since 2016 in the United States and other countries, and then submit that report to Congress.
The United States has been the largest hub for bitcoin since late August, overtaking China after Beijing cracked down on cryptocurrency mining in recent months.