MP Proposes to Allow Crypto Payments for Local Council Taxes in UKDec 12, 2018 at 21:37
A lawmaker from the United Kingdom is proposing to allow local council tax payments by using cryptocurrencies such as Bitcoin.
According to a report from local publication Daily Express, Eddie Hughes, a Tory from Walsall North, floated the idea of using virtual coins to stimulate the payment of local taxes as blockchain tech is easing the transfer of currencies compared to traditional outlets.
He added that the advent of digital assets can give the country competitive advantages especially in a time when it is exiting from the European Union.
“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. 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 said.
He noted that lack of knowledge and understanding of distributed ledger technology among citizens and politicians are the main problems that prevent crypto mass adoption.
“People not understanding how the transaction works is holding us back in terms of mass adoption… And also how accessible it can be – it needs to appear like an app that people will use so they can become familiar with it in a safe and secure way,” the legislator further stated.
Last month, the state of Ohio in the United States became the first state in the country to accept Bitcoin as tax payments.
However, the ruling will initially be applicable only for businesses but will also be extended to individual taxpayers in the future.