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United Kingdom may collect taxes accepting Bitcoin (BTC)

Eddie Hughes, a member of the UK Parliament made statements about potential changes in the tax jurisdiction. Recently reported that the use of Bitcoin (BTC) for the payment of public services is possible, according to the local news site Express.

The statements were issued at a parliamentary meeting with the Royal National Lifeboat Institution. This is the largest charity in the country. It seeks to save lives on the coasts of the United Kingdom, Ireland and nearby islands and has more than 40,000 volunteers. Hughes said

“What prevents us from being able to pay a municipal tax and other debts with Bitcoin?”

The statements were issued because, recently, the institution began accepting donations with cryptocurrencies.

Hughes described himself as a crypto market enthusiast. Although he has an amateur knowledge. However, he did not stop saying that members of parliament have a duty to understand blockchain technology and its applications.

International Adoption of Bitcoin (BTC)

It is also necessary to cite the example of the State of Ohio, in the USA. He recently offered his residents the option to pay their taxes with cryptocurrencies. In addition, the governor of the state, John Kasich, commented on the possibility of the United Kingdom following the example:

“You are in the race or out of the race and our country is in an interesting position. We need to be seen as a country that seeks progress. ”

However, the Ministry of Finance of Great Britain has said earlier that it will take time for that to happen.

Despite the optimism about the acceptance of cryptocurrencies. The government of the United Kingdom is looking for the best way to do it and the market in low led to a decrease of the pressure by urgent regulations.

. The government of the United Kingdom is looking for the best way to do it and the market in low led to a decrease in the pressure by urgent regulations.

Bitcoin (BTC) the invulnerable?

The comments of the Member of the Parliament of the United Kingdom are positive. The declarations of major players, members of the government and banking institutions, about the adoption of cryptocurrencies are increasingly frequent. From Ripple to Ethereum, cryptocurrencies are a technology with extraordinary potential. Even in the bear market, the institutional interest remains.

Some critics claim that paying taxes or opening governments to Blockchain technology could be dangerous. It is an argument based on the possibility, remote, to make a 51 per cent attack. That is, take control of the Blockchain of, for example, the Bitcoin (BTC). An attack with these characteristics would allow the perpetrators to manipulate transactions within the Blockchain.

However, something similar is just an unlikely scenario. It is still necessary for governments and people to understand the potential of Blockchain technology. In addition to creating clear regulations so that fresh capital, with a real interest in progress, can enter the crypto market. It remains to be seen if the wave of acceptance remains intact, even if prices continue to fall.

Also published on Medium.

Published inCryptocurrencies

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