UK Lawmaker Proposes Paying Tax With Cryptocurrencies

Eddie Hughes, a member of the British parliament, says the UK needs to be seen as a progressive country. One way this can be made possible is by allowing taxes and utility bills to be paid with Bitcoin and other virtual currencies. The conservative member of Parliament (MP) has been advocating for Blockchain technology for some months now.

Paying Taxes and Utility Bills Using Cryptocurrencies

In the UK, households pay council tax to local authorities. The amount paid is determined by the number of people living in such homes and the property’s value. This levied tax is then used to develop social amenities and fund projects in the region. Also, utility bills are paid but in this case, with the country’s fiat money, Pounds Sterling.
Hughes pointed out that the British charity, Royal National Lifeboat Institution (RNLI) is now receiving donations in cryptocurrency. If this could be possible, he sees no reason why taxes should not be paid with digital assets. He noted that the adoption of cryptocurrency is dependent on people’s knowledge. To create more awareness, it needs to be similar to a regular app that is used in a secure manner.

Potentials Blockchain Can Have in the UK

Based on reports, the 50-year-old politician had outlined the potentials of Blockchain in June, at Prime Minister’s Questions. This is a weekly session that is held with MPs. The politician stated that countries that employed Blockchain technology were able to save 2 percent of their gross domestic product.
In July, Hughes released a paper, “Unlocking Blockchain: Embracing new technologies to drive efficiency and empower the citizen”. Here, the MP called for Blockchain initiatives to be set up. One of such would be the establishment of an International Blockchain competition in the UK.

Inspired by Texas’ Decision to Accept Bitcoin for Tax Payments

Hughes may be inspired by the decision taken by Ohio in November this year to accept Bitcoin for tax payments. The U.S. state created an online platform that will help to process these payments. Josh Mandel, State Treasurer of Ohio commented that this move is to give people the impression that Texas is a tech-friendly environment.
A few weeks later, plans were made to launch a Blockchain hub in Case Western Reserve University (CRWU), a University in Ohio. It is in line with Mandel’s comment to turn the state into a Blockchain-friendly environment. Accordingly, the center will help in the development of Blockchain-based applications

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