Andrew Yang, in an interview with Bloomberg, shared his thoughts on what he thinks about cryptocurrency regulations. The 2020 US Presidency candidate said that there's a lack of variety about it in the country which needs to be addressed. However, he is of the view that regulations aren't capable enough to stop people from buying bitcoin.
The US Democratic presidential candidate says the country needs a robust set of rules to govern the crypto space.
"We need to have a uniform set of rules and regulations around cryptocurrency use nationwide. Because right now we are stuck with this hodge-podge of state-by-state treatments and it's bad for everybody. It's bad for innovators who want to invest in this space." – He said.
He further said that transparency should be prioritized so that people are aware of the boat they're riding in. Andrew Yang also views blockchain as something the country should turn to given its enormous potential.
Andrew yang gave an exciting outlook on cryptocurrencies and stated that it is beyond regulators reach to halt the adoption of bitcoin by people. There's only so much they can do.
"Right now, people investing in these currencies are finding a way to do so and make use of their investments. I don't think that you could impede it with regulations if you tried."
The peculiar nature of bitcoin, which makes it free from any censorship and keeps it eluded from any bank influence, turns it into an alluring choice. The peer-to-peer transactions and no authorities poking their nose in it or stop or block it is what makes people jump on the bitcoin bandwagon.
While Andrew Yang carries a positive approach towards the crypto world, and would seemingly work for further development and transparency of it, Donald Trump is far away from being a fan. He stated in 2019 that bitcoin and other cryptocurrencies are anything but money.