Topic: Britain May Embrace Bitcoin As A Legitimate Currency (Read 1821 times)

Hearing this and hearing that, all bunch of bullshit. Will believe only after they actually do that.

i think they need to first define it in law before they can regulate it ... regulating freedom of expression is illegal in the UK?

I can write any code and send any bits I want to anybody in the world without any kind of State inteference, afaik.

The British Govt won't openly embrace BTC, more likely they will PR the phrase in order to be seen to be open and encouraging as support for the push to establish new technology companies at Silicon Roundabout - the government’s flagship technology cluster at Old Street roundabout, more properly known as London's Tech City. Other Tech centres are springing up and being encouraged throughout the country and the govt is keen to maintain a lead over the rest of europe. Spin is one of the tools.

Expect, of course, all European govts to look for ways to ensure btc trading taxes and capital gains taxes are paid over.

have you actually phoned up HMRC or are you just reading forum/reddit speculation from the basement dweller crowd.

so far HMRC are sticking with the asset currency model. and not wanting to move it into the VAT ratable consumer product model. as bitcoin is not a "value added" product. a bitcoin is just a bitcoin. nothing more.

value added means a raw material that has either been manufactured into something that adds extra value to its cost, or a service that compliments the item to add value to its cost.

bitcoin is neither so bitcoins themselves will not be 'in the scope' of VAT. as for income/corporation tax, well any profits made you are suppose to be taxed if those profits are over the yearly limits so when you cash out more than £10k into your personal account, expect to be taxed on the excess.

this is where you will need to have a separate account to keep your investment trades away from your personal spending, purely to not treat every trade as a 'income' and to move only X amount to personal account to keep your accountant happy and easily show a separation from income spend vs investment trades.

yes i might be wrong, and osbourne may force HMRC to re-declare bitcoin under some naive and misunderstood category, adding lots of limitations etc. but so far it seems like idle speculation from the basement dweller crowd, and no actual fact from HMRC about  changes that will make people want to leave the UK.

I can tell you guys with the plans I'm starting to see come out of the UK in regards to Bitcoin I'm actually planning on leaving the country as soon as possible, new taxes and so on for Bitcoin will mean they aim to totally strangle it so it won't be profitable to even transact in the currency anymore, so either they'll force everyone back into the pound or people who want to use Bitcoin only will just leave the country.

Granted, they can't do anything to stop pure Bitcoin transactions on the blockchain thankfully but Bitcoin users are going to have a hard time paying for basic utility bills and so on if the taxes are too high and restrictive, they have refined taxation of the poor and middle class here to a fine art and I'm not going to hang around a country that doesn't want me to get wealthy.

The title assumes the sovereignty of the nation-state, and is therefore fallacious and outdated in nature. Bitcoin is the only sovereign now.

In the near future, the only question that will matter is: Will the Bitcoin network recognize Britain as a legitimate sovereign entity?

The answer is: Probably not, because nobody will care about nation-states in the crypto-liberated future. They will be as irrelevant to the people of the future as Kings and Queens are to us today.

bitcoin is already embracing bitcoin legitimately. there are no current LAWS or ACTS that are banning bitcoin, it is not illegal to buy, sell, handle or trade bitcoin. again bitcoin is already legitimate and needs no government intervention to legitimise it. NOTHING is stopping bitcoins use right now today.

 

I hope its true but I  think this is lil exaggerated version of recent events,
Although Britain is showing some positive signals but I'm lil skeptical they have reached * to the point of embracing bitcoin as a legitmate currency, I hope i'm wrong and they are really considering it.

It's a good thing. I just re-state what I'm always telling people: regulation is good! It's the best thing that can happen. It means acceptance. We need to see acceptance in various countries so the countries still wary about Bitcoin see the benefit in regulating and accepting it.

I would think that merchants would be responsible for paying the same taxes they would need to pay as if they were paid in fiat currency. I would highly doubt that they would add additional taxes to bitcoin.

sometimes competition is a good thing  


@ oceans

of course they will regulate and tax it. where do you live  ?

Government is most creative and efficient when it is trying to extract money from us. Whatever it is will be touted as promoting commerce but t really will be nothing but a cash and power grab.

This could be interesting to see and see how it works when the UK start accepting it. Knowing the UK government though I can not help but feel that they may have some kind of plan up their sleeve to try and regulate bitcoin and start taxing.

Wondering on how they are planning to "regulate" bitcoin.

However, it is good to see the UK at least accepting bitcoin for what it currently is and what it can be.

Interesting times ahead.

That's basically it.

It is more likely that they are trying to set up a regulatory framework to tax bitcoin rather than letting merchant get away with paying tax.

lol, i think the Queen will be unhappy.

maybe if we are lucky the bitcoin could crash the UK housing market?

The brt is trying to revive the economy. If genuinely embracing BTC, it will attract the global btc start-up companies.

This would make Europe the safest haven for BTC globally from a reg viewpoint
I suspect the brits are also eyeing the jobs that btc innovation could create in the UK