UK Parliament Member Wants You to Pay Your Taxes with Bitcoin

[Lmaooo]

A member of the British Parliament wants UK residents to be able to pay their local taxes and utility bills using bitcoin. Eddie Hughes, a conservative MP (member of Parliament) for the Walsall North constituency, said this would be a great first step toward mainstream adoption of crypto.

Hughes said it’s time for other members of Parliament to familiarize themselves with cryptocurrencies and blockchain because the revolutionary technologies and the buzz surrounding them aren’t going away, Express UK reported.

https://www.ccn.com/uk-parliament-member-wants-you-to-pay-your-taxes-with-bitcoin/

[bitfocus]

if applied, this will help Bitcoin go legal in UK in time, a very short time.

[kentrolla]

A member of the British Parliament wants UK residents to be able to pay their local taxes and utility bills using bitcoin. Eddie Hughes, a conservative MP (member of Parliament) for the Walsall North constituency, said this would be a great first step toward mainstream adoption of crypto.

Hughes said it’s time for other members of Parliament to familiarize themselves with cryptocurrencies and blockchain because the revolutionary technologies and the buzz surrounding them aren’t going away, Express UK reported.

https://www.ccn.com/uk-parliament-member-wants-you-to-pay-your-taxes-with-bitcoin/

That's a great idea and if this will be implemented then other government will start focusing on this and make convenient to the public, a lot of stuffs are going across the world about Bitcoin so it clearly intends that a dominance in every aspect. Hopefully the market too will be recovered and Bitcoin will pump again.

[HODL2090]

This development would go a long way in publicizing Bitcoin and increasing adoption of bitcoin in the UK and maybe other countries to follow.

With more adoption and increased price stability', there would probably be no need for payment processors in the future when accepting bitcoin.

[kingpin4321]

This would be create a positive impact for cryptocurrency in general on the world but it won't be easy to turn this suggestion into law in the UK it might meet some opposition.
 
But it's a good news to know that cryptocurrency being adopted as a medium of paying bill can be discussed

[AB de Royse777]

if applied, this will help Bitcoin go legal in UK in time, a very short time.

Not sure about the authenticity of the news but if that is true then good days are coming for bitcoin.

[coinycoiny]

This is one guys thoughts, there is no way this would ever happen.

You lot should take a dose of reality salts.

[clrpod]

if applied, this will help Bitcoin go legal in UK in time, a very short time.

Except he's pretty much a nobody in the government and has little influence over others to convince them of anything. Oh and also bitcoin is already legal in the UK. It can be accepted as a currency if vendors wish and it can be used by anyone. It is just not recognised as legal tender.

[franky1]

asking to pay taxes in bitcoin is like letting a government shout "give me 10-20% of your bitcoin"

imagine how fast governments would hoard alot of bitcoin at just a beg of give it over or else. once they start asing people to identify themselves to bot monitored in such case.

my thoughts
if people want to claim an income. then let them claim, let them convert to £pounds and let them hand pounds to HMRC

i still cant believe so many people are willing to give up financial independence purely for 15 minutes of media attention.
just look above at the reasons

"publicity" "adoption"
seriously naive reasons

if bitcoin just becomes exactly like fiat. then there would be no need to adopt it
the £Pound already has FREE wire transfers that are near instant

in the uk the only real unique utility is the ability to not need to pay tax on every paymnt recieved. and also getting to use bitcoin as people private trust fund without needing a solicitor to set it up.

having to declare ownership and pay taxes on payments received. is not making bitcoin unique. its just making it pound2.0

let me guess. the the guys above thinking its a great idea will next say the HMRC should be the UK lighning hub factory everyone has to lock funds with ....
i think too many people either dont understand the concept of why bitcoin was invented. or do understand it and shout out the love to taxing and grabbing bitcoin. purely so that bitcoin loses its initial ethos completely

[bit-freedom]

It is a great news for Bitcoin. If this proposal go through, I believe it will be giving the general public more confidence since UK government is accepting Bitcoin for tax payment.

[Gloverwrt]

asking to pay taxes in bitcoin is like letting a government shout "give me 10-20% of your bitcoin"

imagine how fast governments would hoard alot of bitcoin

The article says; the US model which the UK are trying to imitate uses payment processors in partnership with Bitpay.
How does the government hodl butcoins when they never get them but they are instantly converted to fiat?
Also if the governments desire to accumulate, why don't they simply buy with the tax payers money and hoard it?

[Dhoe]

if applied, this will help Bitcoin go legal in UK in time, a very short time.

Yeah that's right, This indicates that I think the United Kingdom will soon legalize Bitcoin as a legitimate means of payment there. I am very glad to hear this good news, hopefully other countries also can follow this steps which performed by the United Kingdom.

[Yourdoomed]

Great idea (not) you get to the end of the month and your Crypto value has dived or been nicked so you can't pay, you get done for tax evasion and go to Jail.  Good luck paying your taxes when your crypto is worth less every day I will stick to real money thanks.

[dothebeats]

Legality for the sake of publicity is like a hit or miss thing for bitcoin and crypto, honestly. Governments would just hoard it and probably be dumping in our asses once they have had their fill or it could promote stability of bitcoin since more and more coins are being held by governments and a few are left for speculation. This would surely garner publicity, but how sure are we that the implications of such a move wouldn't be on the negative? If third-party processors are involved in the scheme (in this case Bitpay) it could be good as the money would easily be converted to fiat and not held by someone, especially if that someone is the government.

[Wingleness]

This news is great. Wished it will applied at the earliest as it would ignite investors confidence in Bitcoin and cryprocurrency as a whole, which might start up anothee bull run.

[kalstarzz]

this is a golden opportunity for bitcoin users in the UK, with this opportunity people in the UK can direct Bitcoin towards a bright future. and I hope this will also have a positive impact on all countries.

[felicita]

i think in Switzerland its still possible to pay taxes in Bitcoin  so why not in UK .
Mostly Europa is really open for Cryptos.
But in Germany where i live the position of Bitcoin is still unclear .


regards

[DaCryptoRaccoon]

this is a golden opportunity for bitcoin users in the UK, with this opportunity people in the UK can direct Bitcoin towards a bright future. and I hope this will also have a positive impact on all countries.

Think MP's should be focused on brexit right now.

Though I do think the UK will soon become the haven for crypto-currency as we see the UK has a fair amount of adoption for bitcoin.

[Attisob]

A member of the British Parliament wants UK residents to be able to pay their local taxes and utility bills using bitcoin. Eddie Hughes, a conservative MP (member of Parliament) for the Walsall North constituency, said this would be a great first step toward mainstream adoption of crypto.

Hughes said it’s time for other members of Parliament to familiarize themselves with cryptocurrencies and blockchain because the revolutionary technologies and the buzz surrounding them aren’t going away, Express UK reported.

https://www.ccn.com/uk-parliament-member-wants-you-to-pay-your-taxes-with-bitcoin/

I Have argued that bitcoin along with other cryptocurrencies have clearly become near monies. Owing to the fact that they now accommodate most values every legal tender currency should  have except that they have not yet acquired legal backing in most countries. Once this step is overcome (i believe, soonest) then bitcoin, other cryptos would become generally acceptable.

With this move in the UK, other countries are sure to follow.......The future is bigger and brighter for all of us.

[crypture]

The local state government in Ohio announced last month that businesses can now pay their taxes in Bitcoin. But IMO i doub't anything like this will happen in the uk any time soon.