[ad_1]
Finance
U.K. lawmaker Eddie Hughes has proposed that taxpayers should have the option to pay tax and utility bills in cryptocurrencies such as BTC. The 50 year-old conservative legislator for the Walsall North constituency said the move would be the country at the forefront of digital currency adoption in Europe.
Also read: Gibraltar Exchange Obtains Insurance for Crypto Assets as Cyber Attacks Soar
Country at a Crossroads
"You're either ahead of the curves or you're behind the curves, 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 as saying. "We are at a crossroads and we're about to determine our future – one in which taking the lead in this field could prove very beneficial."
Hughes' comments as hardly a month after Ohio became the first U.S. state to pay taxes using bitcoins. The state government partnered with payment processors Bitpay to handle the cryptocurrency conversion to dollars.
However, the British Member of Parliament may not find many companies in the United Kingdom, which is currently in the midst of a regulatory shift that could affect its cryptocurrency industry. The country is also working on measures to prevent money laundering and combat terrorist financing through cryptocurrency monitorin
Hughes is in the U.K is being stalled by inadequate information and lack of knowledge, stating:
People not understanding how the transaction works is holding back in terms of mass adoption. In the safe and secure way, you will be able to appear as an app that people will use.
Legislators Need to Understand Crypto
Crypto enthusiast with amateur knowledge, "Hughes, who was in office last year, and said himself to" a cryptocurrency and the underlying blockchain technology.
With a view to the UK, and as you can now go to the UK. accepting charitable donations through cryptocurrency – if we can do that, what can be used to pay tax and other bills with bitcoins? "
<img class = "alignright wp-image-259273 size-medium” title=”British Lawmaker Proposes Tax and Utility Bill Payments in Bitcoin” src=”https://news.bitcoin.com/wp-content/uploads/2018/12/shutterstock_776505043-300×200.jpg” alt=”British Lawmaker Proposes Tax and Utility Bill Payments in Bitcoins "width =" 300 "height =" 200 "srcset =" https://news.bitcoin.com/wp-content/uploads/2018/12/shutterstock_776505043-300×200.jpg 300w , https://news.bitcoin.com/wp-content/uploads/2018/12/shutterstock_776505043-768×512.jpg 768w, https://news.bitcoin.com/wp-content/uploads/2018/12/shutterstock_776505043- 696×464.jpg 696w, https://news.bitcoin.com/wp-content/uploads/2018/12/shutterstock_776505043-630×420.jpg 630w, https://news.bitcoin.com/wp-content/uploads/2018/ 12 / shutterstock_776505043.jpg 1000w "sizes =" (max-width: 300px) 100vw, 300px”/>
European regulators have complained that they are cryptocurrencies are risky, they are allegedly allegedly that they help fuel money laundering and terrorism while investor funds at the mercy of fraudsters. They have been promoted to a series of regulations and to prevent the risk of financial instability.
In October, the U.K's Financial Conduct Authority said it was considering a ban on cryptocurrency-linked derivative products. The financial regulator indicated that it will begin on the basis of digital coins like BTC as well as to restrict crypto-based contracts of difference to the public. Slated for the first quarter of 2019.
What do you think about Hughes' plan? Let us know in the comments section below.
Images courtesy of Shutterstock.
Need to calculate your bitcoin holdings? Check our tools section.
