- Ron Paul told CNBC that while he doesn’t know what will happen to Libra, he is pro-crypto.
- Ron Paul also criticized the Federal Reserve’s new “FedNow Service.”
During an interview, former U.S. presidential candidate and Texas Libertarian, discussed his views on blockchain technology and cryptocurrencies. He also shared his views on the Federal Reserve’s upcoming FedNow Service. Speaking to CNBC’s Squawk Alley, Paul wasn’s sure what was going to happen to Facebook’s Libra but said about blockchain and crypto:
“I’m all for cryptocurrencies and blockchain technology because I like competing currencies… I’m for the least amount of regulation. I don’t know what’s going to happen to cryptocurrencies. I think it’s a great idea. And I only have one rule: no fraud.”
Earlier on August 5, America’s central bank, the Federal Reserve, announced that they “will develop a new round-the-clock real-time payment and settlement service, called the FedNow Service, to support faster payments in the United States.” Ron Paul is a longtime critic of the Federal Service. His nonprofit political organization, Campaign for Liberty, issued a statement on FedNow saying:
“Consumers already have numerous options to make real-time payments, so the Federal Reserve’s decision to begin work on a central bank-run and controlled real payments system””what Competitive Enterprise Institute Senior Fellow John Berlau calls “FedNow”””is baffling.
A Federal Reserve-run real payments system will crowd out private alternatives, leaving consumers with one government-run option for real-time payments. This will be bad for consumers and real-time entrepreneurs but good for power-hungry Federal Reserve bureaucrats who will no doubt use FedNow to help “protect” the Federal Reserve’s fiat currency system from competition from cryptocurrencies.”
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