Politicians may not be Cryptocurrency’s best friends given its freedom of payments however there are a few that are clear Cryptocurrency enthusiasts. One such politician is UK Conservative Member of Parliament (MP), Eddie Hughes.
Hughes stated that Members of Parliament (MP) need to understand the technology of Blockchain and Cryptocurrencies. He believes that revolutionary technology is the future.
He further expressed that taxes should be paid with Bitcoin. It was in reference to the British charity called Royal National Lifeboat Institution (RNLI) accepting Cryptocurrency donations.
The Crypto supportive MP cited that Cryptocurrencies will be used widely once people understand how Blockchain and Cryptocurrency work.
It won’t be the first country to adopt the payment of taxes in Bitcoin. A few weeks ago Ohio became the first state in the USA to allow businesses to pay taxes in Bitcoin. It had partnered with BitPay to manage the conversion of Cryptocurrency and fiat Dollars.
Given that the idea originated from the Republican state treasurer of Ohio, Josh Mandel. The possibility of the UK accepting Bitcoin as a tax option is quite high.
It looks like even though the bear markets are the current scenario, certain individuals in the government realise the importance of Blockchain and Cryptocurrency.
As of now, Britain’s watchdog is taking a breather from strong Cryptocurrency regulations given that the bears are occupying the Crypto market. The vast growth of Cryptocurrencies last year led to an avid regulatory discussion about it throughout 2018. With the bear market pacing into the next year with a few weeks to go, regulation discussions could fall flat giving rise to Cryptocurrency such as Bitcoin securing itself as a tax option. If Bitcoin is allowed to be paid in taxes, it means one more addition to its portfolio regarding adoption.
Image Source – Flickr
Subscribe to our Newsletter to be a part of our future $1,000 per month contests.