ForexMinute.com – Milad Laly, a random UK citizen, today posted an e-petition on Her Majesty’s Government website, pleading the UK government to allow the use of cryptocurrencies in the UK. The petition was signed to Her Majesty’s Treasury, mentioning the benefits the UK will receive upon legalizing cryptocurrencies.
“The government must allow Cryptocurrencies to make the UK more modern,” the petitioner explains. “To do this it will give more business opening and more businesses will start here. This could make the economy more stable and more job open for people. Also will this people can pay Cryptocurrencies as a form money to the Transport for London.”
As per the laws, if the petition is signed by more than 100,000 UK people, it will become liable to be discussed in the House of Commons. The house consists of 650 MPs elected by the people to propose new laws or scrutinize the existing ones.
In a brief post by the UK’s HM Revenue & Customs issued on March 3rd 2014, the government mentioned Bitcoin and other similar cryptocurrencies’ users to pay Value Added Tax (VAT), Corporation Tax (CT), Income Tax (IT) and Capital Gain Tax (CGT) under specific guidelines. This certainly means that the UK Government has validated digital currencies, though in a way that it is ignored by regular people.
The e-petition filed by Milad Lady, though a little inaccurate, shows a wonderful perspective and provides lawmakers an idea to look further into the potential of cryptocurrencies. Our motto of doing this article was to encourage such ideas and put them before a section that is too negative about cryptocurrencies.
You can still sign this petition here. The last day of signing it is April 1st 2015.
To contact the reporter of the story: Yashu Gola at email@example.com