UK residents may just end up paying their local taxes and utility bills in Bitcoin. A conservative member of the British Parliament Eddie Hughes proposes this idea saying it would be a significant step forward for cryptocurrencies. Hughes sees himself as a crypto enthusiast.
According to Bitcoin Exchange Guide, the MP believes the Parliament has the duty to understand blockchain technology. “What’s to stop us from being able to pay council tax and other bills with Bitcoin? You are either ahead of the curve, or you are behind the curve, and our country is in an interesting position right now – we need to be seen as a progressive country.”
Well, UK is not the first to be thinking in these lines. Authorities of the state of Ohio in the United States allowed corporates to pay their taxes with Bitcoin earlier this month. According to the Tech Republic, Ohio became the first US state to allow businesses to pay taxes with Bitcoin. Craig McGregor, co-founder, and CEO of DSTOQ said Ohio is fast becoming one of the most favorable states for emerging technology. “Blockchain is a major enabler for businesses across industries. Over the past year, the growth of blockchain-related jobs is on the rise, with almost 2,000 additional job openings in the US, up from less than 500 at this time last year.”
Moreover, he said that adding Bitcoin as a form of payment is extremely convenient and useful for the business consumer. McGregor said lower fees was one of the most obvious benefits. “BitPay, the third party processor of Bitcoin tax payments charges a one percent transaction fee, which is less than half of what Ohio taxpayers face when using a credit card.”
Meanwhile, analysis by the Big Innovation Centre, DAG Global and Deep Knowledge Analytics state that Britain has all the required resources to become a global hub for blockchain technology by 2022. The Guardian highlighted Sean Kiernan, DAG Global CEO saying that the UK is a major global financial hub. “It is starting to demonstrate significant potential to become a leader in blockchain technologies and the crypto economy.” Birgitte Andersen, Big Innovation Centre CEO is also of the same mind. He said the UK Parliament has recognized blockchain as a very important and disruptive technology. “It has shown commitment to support the accelerated development of the digital economy via a variety of government initiatives.”
More governments are recognizing the potential of cryptocurrencies and are coming up with initiatives to bring it into the mainstream.