UK MP Calls for Local Cryptocurrency Tax Payments

Local authorities in Great Britain should follow the US State of Ohio, which has recently launched a virtual coin tax payment system, the Tory Eddie Hughes said.

The United Kingdom should consider allowing local council tax payments by using cryptocurrencies such as Bitcoin (BTC), a politician from the ruling Conservative party has called, as per a Daily Express newspaper report on Monday. According to Eddie Hughes, a Tory member of Parliament (MP) from Walsall North, using virtual coins can stimulate the payment of local taxes as blockchain technology makes currency transfers easier than traditional money transmission systems.

Moreover, digital assets can give the country competitive advantages in the uncertain times of the UK planned exit from the European Union (EU), the MP explained.

“I’d love it, and I’d love us to be taking the lead in Walsall,” Hughes said. “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.”

Lack of knowledge and understanding of distributed ledger technology among citizens and politicians are the main problems that prevent crypto mass adoption, according to the Tory MP. Hughes was inspired by Royal National Lifeboat Institution (RNLI), a charity that works on saving life in UK coastal areas, as the organization had begun to accept donations in virtual coins. The US State of Ohio, which has recently launched a pilot project for cryptocurrency tax payments, is also a good example, Hughes explained.

“People not understanding how the transaction works is holding us back in terms of mass adoption,” Hughes stated. “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.”

According to Hughes, who describes himself as “crypto enthusiast with amateur knowledge,” digital assets are not the Wild West, and scalability problems are not as significant as the House of Commons Treasury Committee claimed in its digital coin report in September.