He is seeking a law that would empower the people to decide between cryptocurrency and the dollar, adding that freedom of choice will sort it out.
In an interview with Kitco News, Paul said: “People ought to have as much freedom as possible to have choices.”
According to him, the bill he introduced in Congress will “not only audit the Fed but also to get rid of the legal tender laws.”
Paul disclosed that he is fascinated with the emergence of cryptocurrency that is challenging the dollar which he believed the government would not want to be let go from its control.
The former congressman who added that currently, the government will not allow anything to compete with the dollar on the national level said: ”My goal is to legalize the competition and the people will sort it out. Freedom of choice will sort it out.”
“My concern is that governments over centuries have been notoriously very eager to have control of the money. Believe me, they will not give up control of money.
“The legal tender laws force you to use legal tender, so they won’t even allow you to replace the dollars with cryptocurrency. There will be laws against that. But, I want to totally legalize it.”
I think the dollar is going to be around but it’s not gonna be worth much.
Paul who will be speaking at the Bitcoin 2021 conference Friday, said: “I will argue more the case for the legalization of freedom of choice, and the people should make decisions and not the government.”