Britain’s tax authority, HM Revenue and Customs (HMRC), says it’s aborting plans to tax Bitcoin trading in a move that now makes it one of the friendliest places on earth to transact with Bitcoin, the Financial Times has reported.
The news spread quickly across the bitcoin community, with many cheering the news as a validation of bitcoin at a time when the industry appears to be on the rise with positive news building for the digital currency day after day.
This move by the tax agency comes on the heels of the recent announcement that Global Bitcoin ATM Ltd plans to install five machines per month in the UK, starting with one “in a high street location somewhere in central London,” company spokesman Terry James stated.
The UK’s welcoming approach to Bitcoin contrasts with that of other countries, but is very much aligned with the trend in the US where major retailers like Overstock.com are now accepting bitcoin as a payment option.
It seems the sun is rising once again on Bitcoin and in this writer’s view will soon be reflected in the markets as traders rally around the currency’s much improved outlook.
