The United Kingdom (U.K.) might soon be accepting Bitcoin for council tax, reports Express. A member of Parliament (MP) Eddie Hughes said that cryptocurrencies could and should be approved for making payments to local authorities and utility providers.
Crypto enthusiast with amateur knowledge
Eddie Hughes is an existing conservative MP of the U.K. He justifies his opinion with recent news about Ohio state allowing to accept Bitcoin for tax payments. Initially it applies only to businesses willing to pay their taxes with Bitcoin, but eventually, this will be introduced to the broader society like individual taxpayers as well.
Also, he has urged other MPs to start learning about cryptocurrencies and blockchain in general.
“Only recently I met with the RNLI which is now accepting charitable donations through cryptocurrency – if we can do that, what’s to stop us being able to pay council tax and other bills with bitcoin,” he said.
Wants to see local authorities to “plant a flag” in the U.K.
Based on the Ohio news, Mr. Hughes would like to see a local authority to take charge and lead this development in the U.K., saying that “you’re either ahead of the curve or you’re behind the curve, and our country is in an interesting position right now – we need to be seen as a progressive country. We are at a crossroads and we’re about to determine our future – one in which taking the lead in this field could prove very beneficial.”
Lack of knowledge
Eddie Hughes believes that the general public until now has a very little understanding on what cryptocurrencies and blockchain is. He thinks that the lack of information on how the transactions work is holding the industry back concerning mass adoption. He also stressed the availability of this new industry: “Also, how accessible it can be – it needs to appear like an app that people will use so they can become familiar with it in a safe and secure way.”
Are the dominoes falling?
First comes the Ohio news, now U.K. Walsall North. What’s next to come? These are great news as we see countries are feeling like they could be left behind. Russian state-owned Swiss banks are thinking about crypto products. So we believe that Russia is next on the path of allowing payments with cryptocurrencies. We are slowly experiencing the mass adoption we have been talking about all these last years. We knew that this year crypto is going to be regulated massively, but we never could’ve imagined that countries would start accepting crypto for taxes so fast.
On the other hand, it seems quite evident for governments to consider this option. as they are in on everything that brings them money. So why not allow people to pay with cryptocurrencies if they want to. No one ever said that the government has to hold the asset. They can exchange it for their fiat of choice.
However, for the taxpayer, this is a huge step forward mass crypto adoption. The next step would be government-related companies or huge tax paying companies allowing employees to choose between multiple ways on how to receive their wage. Whether its crypto, fiat, cash or any other means of payment.
These are huge news, as U.K. is one of the biggest economies in the world with a population of 66 million and $2.6 trillion GDP (Gross Domestic Product).
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