UK Chancellor George Osborne Embraces Bitcoin Possibilities
UK Chancellor George Osborne has been under fire for the last year especially by the bookmakers as he has been the bearer of bad news. The much talked about point of consumption tax and levy on fixed odd betting terminal has made him public enemy number 1 for UK bookies.
It comes therefore as quite a surprise that on the issue crypto-currencies like Bitcoin Osborne is proving quite the visionary and not the conformist. While the US and Japan have not exactly embraced the normalization of Bitcoin as they have declared it property and not a currency which means it will be taxed like any other property.
A report in the Daily Mail discusses the Chancellor’s surprising openness to embrace rather that control the use of Bitcoin. Speaking the level 39’s Innovate Finance Launch event on Tuesday Osborne called for “ a major programme of work needed to explore the potential of virtual currencies and digital money”. He was quick to point out what many see as the major attraction for digital currencies,” These alternative payment systems are popular because they are quick, cheap, and convenient – and I want to see whether we can make more use of them for the benefit of the UK economy and British consumers.”
The UK according to Osborne needs to accept the reality that “the world of finance as we know it is changing in front of our eyes.” The volatility of Bitcoin and the dangers surrounding it are well known but Osborne believes that any move aimed at regulating Bitcoin would be to make it easier and safer for the British public to use rather than drive it out of Britain.