A British parliamentarian says that it is time UK residents were allowed to use bitcoin when paying their local taxes and utility bills, reports Express.uk.
Eddie Hughes, a Member of Parliament (MP) for Walsall North constituency, said that such a move would constitute a massive boost for crypto as it moves towards mainstream adoption.
The Conservative MP said that the time has come for the members of the British Parliament to learn about crypto and the underlying blockchain technology, noting that these revolutionary technologies were here to stay.
MPs ‘have a duty to understand’ crypto
Hughes, who proclaims himself as a ‘crypto enthusiast with amateur knowledge,’ said that crypto is now the talk of the town in the UK, and that meant that lawmakers could not afford to be left behind.
He is quoted as saying an ever increasing number of people are talking about cryptocurrency and that it the same “wherever you go in the UK.”
As such, the legislator noted that members of parliament must strive to know what space entails, before adding that “as MPs, we have a duty to understand it.”
The Walsall North constituency representative also pointed out that the public can already use crypto for charity, so why not to clear obligations such as taxes.
The 50-year-old experienced lawmaker’s comment was in reference to the recent decision by the British charity Royal National Lifeboat Institution (RNLI) to accept donations in cryptocurrency.
“If we can do that, what’s to stop us from being able to pay council tax and other bills with bitcoin?”
Ohio is first US state to allow payment of taxes in Bitcoin
The suggestion that Eddie Hughes has put forth in the UK follows a not so different move in the U.S state of Ohio, where businesses (and later individuals) are allowed to pay their taxes using Bitcoin (BTC).
The decision by the state government meant that Ohio became the first state in the U.S to have taxes paid in crypto.
The state will utilize the services of BitPay, a leading Bitcoin payment processor that will handle the crypto payments as well as converting it to dollars.
According to Josh Mandel, the man behind the crypto for tax idea, bitcoin is “a legitimate form of currency,” and that the state has decided to embrace cryptocurrency and blockchain technology to as a “message to the rest of the country,” one that says Ohio is the leading crypto destination in the U.S.
Eddie Hughes holds the same view and wants to see the UK take a similar approach and “plant a flag” as the global leader in the crypto industry.
Hughes says that there are no two ways about it and that to position itself correctly; the country needs to make the decisions now. He noted that in crypto, “you’re either ahead of the curve or you’re behind [it].”
“Our country is in an interesting position right now. 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.”
The enthusiasm and urgency in Eddie Hughes’ sentiments are similar to efforts by some U.S lawmakers to position the country as a leader in the cryptocurrency space.
Two Congressmen, Reps. Darren Soto and Ted Budd have moved to make this possible by introducing two bipartisan bills whose aim is to prevent cases of cryptocurrency price manipulation, as well as promote crypto adoption.
The lawmakers said that crypto and blockchain “have a profound potential to be a driver of economic growth,” terming it as the reason “[they] must ensure that the United States is at the forefront.”
Disclaimer: This is not investment advice. Cryptocurrencies are highly volatile assets and are very risky investments. Do your research and consult an investment professional before investing. Never invest more than you can afford to lose. Never borrow money to invest in cryptocurrencies.