Bitcoin May Become Applicable Form of Tax Payment According to UK Parliament Member

Around the world, authorities are looking for use cases to apply Bitcoin to, making it more than simply an investment opportunity. Bitcoin has been used for retail and food purchases, and the technology has found a home in multiple industries. Now, Bitcoin may become a part of the payments that UK citizens can use for covering their taxes.

The suggestion came from Eddie Hughes, a conservative member of the United Kingdom’s Parliament. Based on his assessment, Hughes believes that the use of Bitcoin should be applicable to the payments required by the authorities and utility providers in the area. Proclaiming himself a

“crypto enthusiast with amateur knowledge.” He believes that the praise and attention awarded to blockchain technology lately shows that the Parliament needs to “have a duty to understand it.”

After a meeting with the Royal National Lifeboat Institution, a group that allows users to make contributions with crypto, Hughes said that he was thinking about how much that offered. He pondered,

“What’s to stop us [from] being able to pay council tax and other bills with Bitcoin?”

His statements come shortly after the State of Ohio (U.S.) declared that they’d allow for Bitcoin tax payments. In favor of the new option, Hughes commented,

“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.”

The crash of the crypto market has taken some of the pressure off of the authorities to create new regulations. The urgency was much stronger when the market was succeeding, because more investors wanted to get involved. However, most authorities have decided to take their time now while the demand is low. Gillian Dorner, deputy director for Britain’s finance ministry, noted that this is a good opportunity

“to take the time to look at that in a bit more depth and make sure we take a proportionate approach.”

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