A British Member of Parliament in Westminster, Eddie Hughes, has broken the ice into what might become the next biggest discussion in many parliaments across the world. The MP is proposing that tax payments be made in Bitcoin. The MP who is a member of the Conservative Party of the UK sees Cryptocurrencies and Blockchain technology as the future that the government should be ahead of if it wants to remain relevant in the coming years.
Introducing Blockchain And Cryptocurrencies Into Government
Blockchain technology and their native Tokens, Cryptocurrencies, have so far remained a foreign concept across the general population and the government circles as well. MP Eddie Hughes is suggesting that policymakers in the UK should familiarize themselves with the Distributed Ledger Technologies and Digital Assets for them to see the huge potential that will define the future in the financial industry.
On the parliamentary point of view, Cryptocurrencies such as BTC have been eliciting mixed reactions depending on whether the deliberations have been being made at a committee or whole house level. In committee levels, the outcome tends to be friendlier to Cryptocurrencies since the compositions of members are more likely to be conversant with Blockchain and Digital finance. On the other hand, a whole house deliberation often ends up with an adoption of an unfavorable motion that hampers the development of Cryptocurrencies.
Therefore, what Eddie Hughes is suggesting will most likely be the beginning of positive policy-making processes that will spur the development of Blockchain and Cryptocurrencies in the mainstream spaces. The impact of this event will most likely be felt all over the world as it is setting a precedence in Blockchain and Cryptocurrency legislation.
A Mass Adoption Of Cryptocurrencies Is In The Offing
Eddie is predicting that it is highly likely for Cryptos such as BTC, ETH, XRP, etc. to be the mainstream currency in the future. Hence, accepting taxes in BTC will enable the government to boost revenue collections and to offer convenience to a large section of taxpayers who may be inconvenienced otherwise.
To draw a real-life scenario of a successful use Cryptocurrency in an institutional use-case, the MP made a reference to the Royal National Lifeboat Institution (RNLI). This organization has been accepting Crypto donations and the same can be done by the government.
A Precedence Had Been Set In Ohio
If parliament ratifies that use of BTC in tax remittances, this would make the UK follow suit on the precedence that Ohio set a few weeks ago. The concept originated from the State’s Republican Josh Mandel who argued that BTC is a revolutionary approach to public funds collection. The state adopted the idea and partnered with Bitpay to get Crypto-fiat conversation solutions at real-time.
Following the success of the same idea in Ohio, chances are high that the UK might also consider the use of BTC in revenue collection to boost the Treasury’s collection.
The fact that this and many more discussions are coming up amid a severe bear cycle proves that Crypto markets and BTC, in particular, have matured and there is a growing public trust.