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Author Topic: Britain May Embrace Bitcoin As A Legitimate Currency  (Read 1687 times)
LakeBTC
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August 11, 2014, 02:04:39 AM
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It’s been a good week for Bitcoin.

In addition to Blocksign’s Bitcoin-based electric signature launch on Tuesday, Britain’s Chancellor of the Exchequer, George Osborne is signaling that the UK wants to regulate Bitcoin, or virtual currency systems like it, as legal, digital cash, reports the Daily Mail.

Britain’s top financial cabinet minister George Osborne spoke at Level 39’s Innovate Finance launch event Tuesday when he stated the government’s intention to make London the Financial Technology (“FinTech”) company of the world. The FinTech focused reforms that the Chancellor referred to are to start with government studies, or what Osborne calls the “a major programme of work exploring the potential of virtual currencies and digital money.”

Osbourne went on to state how important virtual currencies, mobile payments and other digital financial technologies are to modern economies:

“These alternative payment systems are popular because they are quick, cheap, and convenient – and I want to see whether we can make more use of them for the benefit of the UK economy and British consumers.”

While early 2014 saw the US and Japan (two of the world’s top three economies) make moves to downgrade Bitcoin’s status by classifying it as property rather than currency, Britain is moving in the opposite direction by embracing what peer-to-peer currencies like Bitcoin have to offer the financial sector.

Britain’s interest in virtual currencies like Bitcoin is as strategic as it is forward thinking. Recall that since the end of WWII, the US dollar has long been the “anchor” or “reserve currency” used by most world governments for international trade. This global demand for dollars leads to a lower borrowing rate for the US, saving people and businesses a very advantageous $100 billion per year. If Britain can properly regulate virtual currencies, other nations may find it cheaper to finance international trade with options like Bitcoin rather than the US dollar, which can, much to the chagrin of other nations, often be used as a tool to exert American political will around the world.

More than 70 years ago Britain’s John Maynard Keynes (of Keynsian economics fame) suggested a “world reserve currency” called the Bancor. The idea didn’t take off then, but in the here and now the regulation of virtual, stateless currencies could be a small step in that direction. Regardless, the UK’s lead could cause other nations to follow, paving a legitimate path for a currency associated with nefarious dealings.

Don’t expect to pay for your bangers and mash with government-regulated Bitcoin any time soon. Despite their new interest in FinTech, Britain, like most governments, rarely rushes when it comes to managing the cogs of the nation’s financial machinery. In addition to looking into the upside of integrating these financial innovations with the British economy, Osborne’s study will also make sure that the British government is “alert to the risks that accompany any new technology.”



http://www.businessinsider.com/britain-regulate-bitcoin-legitimate-currency-2014-8

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August 11, 2014, 03:06:24 AM
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Did Amir Taaki go and see the Queen?

TrailingComet
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August 11, 2014, 03:59:56 AM
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This would make Europe the safest haven for BTC globally from a reg viewpoint
I suspect the brits are also eyeing the jobs that btc innovation could create in the UK

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August 11, 2014, 07:36:26 AM
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The brt is trying to revive the economy. If genuinely embracing BTC, it will attract the global btc start-up companies.

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August 11, 2014, 07:43:24 AM
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maybe if we are lucky the bitcoin could crash the UK housing market? Grin
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August 11, 2014, 08:06:19 AM
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Did Amir Taaki go and see the Queen?

lol, i think the Queen will be unhappy.

HOLD your bitcoins.
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August 11, 2014, 08:12:59 AM
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The brt is trying to revive the economy. If genuinely embracing BTC, it will attract the global btc start-up companies.

It is more likely that they are trying to set up a regulatory framework to tax bitcoin rather than letting merchant get away with paying tax.
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August 11, 2014, 08:50:51 AM
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The brt is trying to revive the economy. If genuinely embracing BTC, it will attract the global btc start-up companies.

It is more likely that they are trying to set up a regulatory framework to tax bitcoin rather than letting merchant get away with paying tax.

That's basically it.
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August 11, 2014, 08:54:24 AM
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Wondering on how they are planning to "regulate" bitcoin.

However, it is good to see the UK at least accepting bitcoin for what it currently is and what it can be.

Interesting times ahead.
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August 11, 2014, 02:04:45 PM
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This could be interesting to see and see how it works when the UK start accepting it. Knowing the UK government though I can not help but feel that they may have some kind of plan up their sleeve to try and regulate bitcoin and start taxing.
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August 11, 2014, 02:48:39 PM
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Wondering on how they are planning to "regulate" bitcoin.

However, it is good to see the UK at least accepting bitcoin for what it currently is and what it can be.

Interesting times ahead.

Government is most creative and efficient when it is trying to extract money from us. Whatever it is will be touted as promoting commerce but t really will be nothing but a cash and power grab.

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August 11, 2014, 02:49:30 PM
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sometimes competition is a good thing  Wink


@ oceans

of course they will regulate and tax it. where do you live  Cheesy ?

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August 11, 2014, 02:58:57 PM
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The brt is trying to revive the economy. If genuinely embracing BTC, it will attract the global btc start-up companies.

It is more likely that they are trying to set up a regulatory framework to tax bitcoin rather than letting merchant get away with paying tax.
I would think that merchants would be responsible for paying the same taxes they would need to pay as if they were paid in fiat currency. I would highly doubt that they would add additional taxes to bitcoin.
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August 11, 2014, 03:38:20 PM
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It's a good thing. I just re-state what I'm always telling people: regulation is good! It's the best thing that can happen. It means acceptance. We need to see acceptance in various countries so the countries still wary about Bitcoin see the benefit in regulating and accepting it.

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August 11, 2014, 03:54:13 PM
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I hope its true but I  think this is lil exaggerated version of recent events,
Although Britain is showing some positive signals but I'm lil skeptical they have reached * to the point of embracing bitcoin as a legitmate currency, I hope i'm wrong and they are really considering it.

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August 11, 2014, 04:29:18 PM
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I hope its true but I  think this is lil exaggerated version of recent events,
Although Britain is showing some positive signals but I'm lil skeptical they have reaching to the point of embracing bitcoin as a legitmate currency, I hope i'm wrong and they are really considering it.

bitcoin is already embracing bitcoin legitimately. there are no current LAWS or ACTS that are banning bitcoin, it is not illegal to buy, sell, handle or trade bitcoin. again bitcoin is already legitimate and needs no government intervention to legitimise it. NOTHING is stopping bitcoins use right now today.

 

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August 11, 2014, 05:02:03 PM
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The title assumes the sovereignty of the nation-state, and is therefore fallacious and outdated in nature. Bitcoin is the only sovereign now.

In the near future, the only question that will matter is: Will the Bitcoin network recognize Britain as a legitimate sovereign entity?

The answer is: Probably not, because nobody will care about nation-states in the crypto-liberated future. They will be as irrelevant to the people of the future as Kings and Queens are to us today.

Remember Aaron Swartz, a 26 year old computer scientist who died defending the free flow of information.
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August 11, 2014, 05:19:47 PM
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I can tell you guys with the plans I'm starting to see come out of the UK in regards to Bitcoin I'm actually planning on leaving the country as soon as possible, new taxes and so on for Bitcoin will mean they aim to totally strangle it so it won't be profitable to even transact in the currency anymore, so either they'll force everyone back into the pound or people who want to use Bitcoin only will just leave the country.

Granted, they can't do anything to stop pure Bitcoin transactions on the blockchain thankfully but Bitcoin users are going to have a hard time paying for basic utility bills and so on if the taxes are too high and restrictive, they have refined taxation of the poor and middle class here to a fine art and I'm not going to hang around a country that doesn't want me to get wealthy.
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August 11, 2014, 06:20:33 PM
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I can tell you guys with the plans I'm starting to see come out of the UK in regards to Bitcoin I'm actually planning on leaving the country as soon as possible, new taxes and so on for Bitcoin will mean they aim to totally strangle it so it won't be profitable to even transact in the currency anymore, so either they'll force everyone back into the pound or people who want to use Bitcoin only will just leave the country.

Granted, they can't do anything to stop pure Bitcoin transactions on the blockchain thankfully but Bitcoin users are going to have a hard time paying for basic utility bills and so on if the taxes are too high and restrictive, they have refined taxation of the poor and middle class here to a fine art and I'm not going to hang around a country that doesn't want me to get wealthy.

have you actually phoned up HMRC or are you just reading forum/reddit speculation from the basement dweller crowd.

so far HMRC are sticking with the asset currency model. and not wanting to move it into the VAT ratable consumer product model. as bitcoin is not a "value added" product. a bitcoin is just a bitcoin. nothing more.

value added means a raw material that has either been manufactured into something that adds extra value to its cost, or a service that compliments the item to add value to its cost.

bitcoin is neither so bitcoins themselves will not be 'in the scope' of VAT. as for income/corporation tax, well any profits made you are suppose to be taxed if those profits are over the yearly limits so when you cash out more than £10k into your personal account, expect to be taxed on the excess.

this is where you will need to have a separate account to keep your investment trades away from your personal spending, purely to not treat every trade as a 'income' and to move only X amount to personal account to keep your accountant happy and easily show a separation from income spend vs investment trades.

yes i might be wrong, and osbourne may force HMRC to re-declare bitcoin under some naive and misunderstood category, adding lots of limitations etc. but so far it seems like idle speculation from the basement dweller crowd, and no actual fact from HMRC about  changes that will make people want to leave the UK.

I DO NOT TRADE OR ACT AS ESCROW ON THIS FORUM EVER.
Don't take any information given on this forum on face value. Please do your own due diligence & respect what is written here as both opinion & information gleaned from experience. If you wish to seek legal FACTUAL advice, then seek the guidance of a LEGAL specialist.
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August 11, 2014, 10:59:37 PM
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The British Govt won't openly embrace BTC, more likely they will PR the phrase in order to be seen to be open and encouraging as support for the push to establish new technology companies at Silicon Roundabout - the government’s flagship technology cluster at Old Street roundabout, more properly known as London's Tech City. Other Tech centres are springing up and being encouraged throughout the country and the govt is keen to maintain a lead over the rest of europe. Spin is one of the tools.

Expect, of course, all European govts to look for ways to ensure btc trading taxes and capital gains taxes are paid over.
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