Election 2020: Democrat Andrew Yang Praises Cryptocurrency, Says 'We Should Invest In It'

Tech entrepreneur Andrew Yang is pro-crypto and definitely thinks Americans should invest in it. So far, he's the only one among all the other presidential candidates to have an official policy for it.

On Wednesday, Yang discussed some of his advocacies in an interview with Bloomberg, where he touched on his proposal for a universal basic income wherein American's over the age of 18 will receive $1,000 every month. He also spoke about healthcare and his plans on how the U.S. could better embrace cryptocurrencies.

One of the issues that Yang pointed out in his crypto policy is that states have varying regulations on digital assets, which can be confusing for those who are interested in the space, and that inhibits growth for the technology. Yang thinks also thinks that regulation has been too slow to keep up with the development of cryptocurrencies.

"We need to have a uniform set of rules and regulations around cryptocurrency use nationwide because right now, we are stuck in this hodgepodge in this state-by-state treatment, and it's bad for everybody -- it's bad for innovators who want to invest in this space," said Yang.

"So, that would be my priority: just clear and transparent rules so that everyone knows where they can head in the future and that we can maintain competitiveness. Because to me, the underlying technology of cryptocurrencies is very high potential, and we should be investing in it," he continued.

Yang was also asked if he supports people moving away from fiat money and traditional banking since the government seems to be curbing these kinds of transactions. And as an attorney himself, Yang's response is that regulation can't stop cryptocurrencies, "even if you tried."

Yang has huge backing from the crypto community and is seen as a voice for "tech-bros" who are passionate about blockchain and digital assets. Even Elon Musk tweeted his support for Yang.

In Yang's campaign site, the potential POTUS also wants to clarify the tax implications of owning, selling, and trading digital assets, provide consumer protection and identify the fed agencies who have power over cryptos.