UK taxpayers should have the option of paying taxes using cryptocurrency, according to Conservative MP Eddie Hughes.
Earlier this month, the US state of Ohio enabled corporate companies to pay taxes with Bitcoin. Walsall North MP Eddie Hughes believes the UK should follow this innovative approach. Hughes, who describes himself as a “crypto enthusiast with amateur knowledge,” is urging fellow Parliament members to explore the potential of digital currencies and the blockchain technology that underpins them.
Hughes emphasised the importance of being either ahead of the curve or risk falling behind. He stated, “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.”
In discussion about the growing interest in cryptocurrency within the UK, Hughes stressed that MPs have a duty to understand these emerging technologies. As an advocate for the UK leaving the European Union, Hughes envisions a future where citizens can make crypto payments to local authorities and utility providers. Referencing his interaction with the Royal National Lifeboat Institution (RNLI) which now accepts cryptocurrency donations, Hughes asked, “If we can do that, what’s to stop us being able to pay council tax and other bills with Bitcoin?”
In July, Hughes released a report titled ‘Unlocking Blockchain’ through the libertarian Conservative think tank Freer UK. The report advocates for the appointment of a chief blockchain officer within the UK government to oversee such initiatives.
Eddie Hughes’s proposal reflects a forward-thinking approach to digital currency adoption, emphasising the need for the UK to remain progressive and innovative in the face of technological advancements.