Ron Paul Slams Traditional Banking, Advocates a Digital Currency Future at Litecoin Summit
At the Annual Litecoin Summit 2019, retired American politician Ron Paul put his weight behind cryptocurrencies saying that the traditional banking system is fake and that digital currency is the money of the future, October 28, 2019.
Crypto Versus a Totalitarian Global Ecosystem
Notable cryptocurrency advocate Ron Paul remarked that the traditional financial system has been plagued with unchecked bureaucracy and red-tapism; his comments were made at the recent Litecoin Summit in Las Vegas.
Paul said that the world today faces a high risk of an impending global recession that could disrupt the world economy at a catastrophic level. He noted that the central bank’s ill-practice of making a high percentage of money from client funds could lead to a worldwide recession.
“The American empire is on its last leg. It’s going to be rough.“
“Liberty is the answer to so many of our problems. Liberty is not divisive, the government can not come in and work it out. People have to come together and work together.“
The former Congressman emphasized the importance of decentralization in the financial sector as well as property ownership, and how it holds the potential to change society at large. He added that giving people the right to control their own information and rights in an increasingly Orwellian world is of utmost importance.
Paul’s concerns for financial data privacy stem from the recurring expose of Internet giants such as Google and Facebook that have time and again found themselves on the receiving end of regulatory assaults the world over.
In April 2019, BTCManager reported how UpGuard – a cyber risk mitigation firm – had released a report that claimed that Facebook had stored millions of its users’ data on two insecure third-party servers exposed to the public Internet.
Ron Paul Goes All-In with Crypto
Pro-crypto individuals in government circles are a rare occurrence, as displayed by government representatives of some of the biggest economies of the world. That said, Paul has been one of the most vocal crypto advocates to date.
As reported by BTCManager in December 2018, the former presidential candidate had accused the U.S. Federal Reserve of abusing its power to manipulate interest rates and the stability of the USD. At the time, Paul demanded immediate detaxation of cryptocurrencies in the U.S.