UK Opens Up The Possibility Of Tax Payment In Bitcoin

Maja Mazur
Article by
[juiz_sps buttons="facebook, twitter, google, linkedin, pinterest, reddit"]

One of the UK’s Members of Parliament (MP), Eddie Hughes, is a huge cryptocurrency enthusiast. He’s trying to urge his colleagues to introduce the possibility of paying taxes in Bitcoin. For now, his plans include only local authorities and utility providers. But who knows what the future holds.

Joining the trend

Recently, Ohio has become the first state in the USA that allows businesses to pay taxes in Bitcoin. Obviously, that’s not the only place where it’s possible. Switzerland, one of the most crypto-friendly countries in the world, announced such an innovation over a year ago. Chiasso, one of the Swiss cities, enabled all citizens to pay their taxes in Bitcoin to spread the cryptocurrency awareness amongst people. Now, will the United Kingdom join this lovely community of crypto-friendly countries?

A voice in the crowd

Eddie Hughes, one of the Members of the UK Parliament, doesn’t hide his enthusiasm towards cryptocurrencies and blockchain technology in general. He believes that such innovations are the future of our civilization and thus he wants to make people know them better. Recently, he has started convincing his colleagues about the advantages of digital money and the technologies they bring along.

Hughes reportedly stated that the Parliament needs to understand blockchain technology a little better.  He also expressed his idea that in the UK, it should be possible to pay taxes with Bitcoin. His statement referred to Royal National Lifeboat Institution (RNLI) – a British charity which has started accepting cryptocurrency donations.

UK online community quickly picked up the topic and shared it on social media. Darren Parkin, a British crypto journalist, even praised the MP’s attitude in his tweet.

The future of crypto

Eddie Hughes believes that cryptocurrencies will be used widely once people understand how they work. It’s in the human nature to fear the unknown and he realizes that. But urging people to get to know something is how the evolution works, especially the technological one. More and more countries introduce some kind of cryptocurrency-related innovations and people seem to accept and support it. Bring on the crypto revolution, we say!

If you want to comment this article, visit our forum!

The site shall not be held responsible for any consequences resulting from the use of data contained in the pages of the site.