U.K. embraces the use of crypto
U.K. Parliament is actively promoting the use of cryptocurrency, seeing it as a legitimate form of currency to be used as a valid method of transactions.
Following the announcement by the State of Ohio in becoming the first U.S. state to accept bitcoin for tax payments, U.K. Parliament is following the same path. According to the statement coming from the conservative Member of Parliament, Eddie Hughes, representing the Walsall North constituency,
“It would be a great first step toward mainstream adoption of crypto.”
As Hughes points out, cryptocurrency is de facto mainstream in the U.K. now. Self-described crypto enthusiast with amateur knowledge, Hudges underlines that cryptocurrency gets talked around everywhere in the U.K., and the British Parliament has a duty to understand it. As a proof of concept that cryptocurrency payments work on a mainstream level, Hudges points out to the major British charity, Royal National Lifeboat Institution (RNLI), which recently started accepting cryptocurrency donations.
“If we can do that, what’s to stop us from being able to pay council tax and other bills with bitcoin?” Hughes asked.
After the U.S. state of Ohio has officially started to accept cryptocurrencies as a form of tax payment, there will be more states and also countries worldwide to follow this suit, experts say.