Bitcoin Taxes UK

Bitcoin has one major advantage over fiat systems. It can be used as a medium of exchange, is inflation resistant and a store of value. During its precipitous rise to $20,000 late last year, the coin was volatile and found use as a store of value. But, from recent events, governments from around the world now have a different interpretation of a coin banker once labeled as “an evil spawn”. Following the steps of Ohio, Eddie Hughes—a member of parliament in the UK and a minister for Walsall North is suggesting to parliament that citizens should begin paying their taxes and other utilities in Bitcoin.

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Eddie, from the conservative party, is in the forefront calling for Britain to embrace and adopt technology during this time when the country is struggling with Brexit related uncertainties. The MP describes himself as a “crypto enthusiast with amateur knowledge” and is urging Britain to approach digital assets with an open mind.

Britain Need to be Seen as a Progressive Country

He is now calling on his colleague to learn how Bitcoin and other crypto assets operate as he strongly believes that if Britain open doors for digital assets accepting it as a form of payment, then investment will flow into the country. This will not only be lucrative but will set it apart and ahead of other countries when it comes to adoption and use of this cutting-edge technology.

“I’d love it, and I’d love us to be taking the lead in Walsall. 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.”

Crypto is not the New Wild West

It is an opinion that the slow uptake and adoption of Bitcoin is because of the lack of information and understanding on its intricacies.

Also Read: Are Regulatory Norms Stifling The Growth Of The Cryptocurrency Industry?

Besides the scarcity of knowledge, he cited the lack of channels and how it was for a “normal citizens” to get access to this new form of money partly because of the complex user interface and low penetrations.

“People not understanding how the transaction works is holding us back in terms of mass adoption,” he added. And 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. People will have seen the select committee saying this sector is the Wild West and it was very low key, and suggested there was a problem with scaling up, and it was something to be avoided, but the reality is quite the opposite”

This suggestion is weeks after the State of Ohio became the first in the US to allow 20 different kinds of businesses to pay their taxes in crypto. However, the state doesn’t handle any Bitcoin on their end but by working with BitPay. The Atlanta based payment processor then convert Bitcoins into US Dollars for the state’s treasury.