England Will not Accept Cryptocurrency for Its Tax Bills

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The tax authority within the UK refuses to accept cryptocurrency as a valid form of payment and it doesn’t look like they’re going to anytime soon. The minister of state, Lord Michael Bates stated that the question of digital currency in the state is not something they will be addressing soon. He stated that “HM Revenue and Customs does not offer digital currencies as a payment method and has no current plans to.”


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The profits made on the speculative nature of cryptocurrency “are currently chargeable at the normal Capital Gains Tax rates, depending on the facts of the case,” Bates stated. Given that Bitcoin has seen an over 10 times increase since the beginning the year, it would be a good time to begin taxing it and figuring out methodology to tax it. Lord Harris was asked several questions concerning the regulation of cryptocurrency, but he did not fully answer them. Rather he stated that “this will require such firms to conduct due diligence upon their customers with their activities being overseen by national competent authorities for these reasons.”


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Lord Harris and the subsequent governments refusal to acknowledge cryptocurrency as an emerging market is something that is not new in government, and only continues to happen around the world. U.K. banks have also refused to provide accounts to those who are involved in cryptocurrency which has made it extremely difficult for them. He stated that “the stance of individual firms towards providers of digital currencies is a commercial decision for those firms, and it would not be appropriate for the government to intervene.” The hopes are high that some government will show that regulating cryptocurrency and allowing it to flourish will not only help that government, but also those who are involved in the crypto space.

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