UK MP makes motion to introduce tax payments in cryptos

Posted 11 December, 2018

The UK MP Eddie Hughes has put forward a proposal to allow people to pay taxes and utility bills with digital coins.

He reportedly stated that the government may provide people with an ability to chose what payment method will be more suitable for them in terms of paying taxes and utility services, adding cryptos as an alternative.

Hughes highlighted that the blockchain technology is spreading at high speed in the world and becomes more and more attractive, so MPs also have to understand it.

Specifically, as Eddie Hughes told the media,  Royal National Lifeboat Institution already now accepts donations in cryptos, and in this context, he found an idea to allow tax and utility payments with digital coins as well.

"If we can do that, what’s to stop us from being able to pay council tax and other bills with bitcoin?" as he told in the comments.

Notably, this proposal follows the decision of the authorities in Ohio State (USA) to enable Ohio-registered companies to use bitcoins for tax payments.

As he added, there are two paths – the UK can either be ahead of the game or trail far behind. He believes the UK should be considered by the community as the progressive and advanced state.

It is worth mentioning that implementation of cryptos into different spheres was restrained by insufficient exploration of the technology. Thus, it is vital to make moves that may help people become more familiar with this area.

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12 December, 2018 12:14

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