50-year-old conservative first time MP of Walsall North Eddie Hughes is of the opinion that local authorities should start accepting BTC as payment for taxes. The 50-year-old who is a crypto enthusiast is urging his counterparts in the assembly to gain a better understanding of the sector and the technology behind it.
“UK citizens across the country are talking about it everywhere you go and it’s our duty as lawmakers to make an initiative to understand it better than them.” MP Hughes “It’s only recently that I met with people behind RNLI a charitable organization that is accepting crypto enthusiasts make their donations in crypto. If they do accept crypto, what’s preventing us from paying council taxes together with other bills in Bitcoin?”
Across borders in the US in the state of Ohio, MP Hughes remarks in the UK have been turned into a reality. This is after a business owners were urged to register with a local site to enable them pay their cooperate taxes in BTC. For a start, only business owners can pay their corporate taxes via BTC. But once successful the plan is to broaden the coverage and allow other residents in the Midwest state make their tax payments in BTC. Josh Mandel Ohio State Treasurer coined the innovative idea. He is also a crypto enthusiast like MP Hughes.
Reason for Putting In Place the Crypto Tax Acceptance Website
First and foremost Ohio State prides itself in being the first state to actualize the thought of having taxpayer pay taxes in digital currency.
“Besides that Ohio State took this initiative because of two reasons first been able to make the whole process of paying taxes easy by giving taxpayers more options.” Mandel “Second reason is for Ohio to be the first state that is embracing the innovative technology behind crypto and the currency itself.”
Meanwhile back in the UK Hughes would love to see a local authority be the first agency to plant the cryptocurrency flag in the UK. Furthermore, according to Hughes, its either you are at the forefront of the curve or behind the curve.
“For the UK it’s at the crossroad at the moment, and the next steps will determine the future.” MP Hughes “Moreover embracing the crypto sector can be beneficial for the UK.”
All in all, Hughes believes lack of understanding is causing drawbacks in the mass adoption of crypto. If the technical parts can be broken-down crypto usage will increase significantly.