A British Member of Parliament wants the country to accept cryptocurrencies as tax payments. As was reported by the Daily Express on Monday. 50 Year old Eddie Hughes is a conservative legislator, and he believes the move would place the country at the forefront of digital currency adoption in Europe.
“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,” Hughes was quoted by the Daily Express. He also stated the transaction should work like an app, making it easy for everybody in a safe and secure way.
The United Kingdom has currently other problems, as the country is removing itself from the European Union. Some fear that the Brexit could affect the cryptocurrency market. At this moment the U.K. is actively involved on setting measures in place to prevent money laundering and fighting terrorist financing through monitoring cryptocurrencies.
Recently the EU already complained that cryptocurrencies are risky. They are working on the framework and regulations to safeguard the public and prevent the risk of financial instability. The G20 are working on similar regulations.
If the Brits would embrace the idea of paying taxes with cryptocurrencies, they would not be the first. In the United States one state already took the lead. Residents of Ohio will be able to pay their taxes using crypto, as long as they first register their intention to do so.
Also published on Medium.