Member of the UK parliament suggests paying taxes with cryptocurrency
One of the members of the UK parliament Eddie Hughes made a proposal to legalize the way of paying taxes with crypto. Hughes explained his viewpoint in the interview to the Daily Express newspaper, where he told that people should be provided with a possibility to send money to the local authorities using electronic wallets. […]
One of the members of the UK parliament Eddie Hughes made a proposal to legalize the way of paying taxes with crypto.
Hughes explained his viewpoint in the interview to the Daily Express newspaper, where he told that people should be provided with a possibility to send money to the local authorities using electronic wallets. It is a perfect way to pay for utility bills that is comfortable, fast, and cheap.
UK citizens have to pay council tax every month so that local services could receive funding. This tax is counted on the basis of the property value and number of family members who live in it.
According to Hughes, a representative of Conservatives, this thought came across his mind after he had a meeting with the representatives of the organization that accepts donations from charities in crypto. If the Royal National Lifeboat Institution can do that, he wonders why any other payments can not be performed in this way too.
Hughes wants the UK to be a country that keeps up with the progress and asked local authorities to work up a plan how cryptocurrency payment can be implemented.
This MP shows his positive attitude to blockchain and crypto industry for some time already. His speech on the Parliament’s weekly session focused on the blockchain benefits and presented an example how other countries manage to save on gross domestic product thanks to the use of this technology.
The next month, Hughes made a release of the FREER paper that was created to promote freedom both in the country economy and among people living here. This paper focuses on a number of initiatives such as a necessity to establish a blockchain competition on the territory of the kingdom and hiring a chief blockchain tech officer. One more suggestion of the MP was to set a goal of a “blockchain departmental target,” so that the embracement of blockchain and other innovative solutions could improve efficiency savings by 1%.
Hughes admits that not enough knowledge of the blockchain technology makes it impossible to adopt it much wider. However, he explains the necessity to let people get familiar with this technology safely and securely.
What is more interesting, such Hughes’ suggestion has been made after a possibility to pay taxes in Bitcoin was open in Ohio. The American government is planning to accept payments for the income tax in this way too.