By
Steve Muchoki
April 19th, 2024
A member of the British Parliament has voiced an idea to allow UK residents to pay their local taxes and utility bills using Bitcoin.
While some countries are still trying to deny the fact that cryptocurrencies have enough potential to transform all spheres of our life, others are trying to find the most appropriate use cases that Bitcoin can be applied to.
Yes, today Bitcoin, as well as other cryptocurrencies, is not just an investment tool, it can easily replace traditional fiat assets and ensure much flexibility for users. Moreover, the technology behind it has already proved its capacities to be utilized in a wide range of industries.
Now, there are serious grounds to suppose that one day Bitcoin will be used by UK citizens to pay their taxes and utility bills.
Conservative MP Votes for Bitcoin
Eddie Hughes, a member of the U.K. Parliament for the Walsall North constituency, wants to give UK residents an opportunity to pay their local taxes and bills using Bitcoin. In his opinion, this initiative will become a serious step towards mass crypto adoption in the country.
Hughes considers himself to be a “crypto enthusiast with amateur knowledge”. He also believes that members of the parliament should understand what blockchain can bring to the community while this technology today enjoys a lot of attention.
He also noted that the Royal National Lifeboat Institution (RNLI), which is the British charity organization, already accepts Bitcoin donations. Hughes said that the RNLI was one of the first organizations that began viewing Bitcoin as a payment option in 2014.
“Only recently I met with the RNLI which is now accepting charitable donations through cryptocurrency – if we can do that, what’s to stop us being able to pay council tax and other bills with Bitcoin?” stated Hughes.
Speaking about the country’s stance towards crypto, 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.”
Ohio and Taxes in Bitcoin
Nevertheless, Mr. Hughes is not the first person to speak about paying taxes in cryptocurrency. Just recently Coinspeaker has reported about a new opportunity for Ohio companies to use Bitcoin to pay their taxes.
Ohio has managed to become the first US state to offer businesses such an option. To handle the transactions made in crypto and conversion to dollars for the tax office, the authorities use crypto payment processor BitPay.
The idea to implement such an initiative in Ohio belongs to a huge crypto fan Josh Mandel, who is Ohio’s Republican state treasurer. He strongly believes that this new option can show that Ohio is ready to become a leader in the country’s crypto market. Mandel said the initiative could be a sign for the rest of the country that Ohio is open for business.