September 22, 2021
Speaking to Express.co.uk, Tim Crook, head of tax at Gherson Solicitors, and Thomas Cattee, head of white-collar crime at Gherson Solicitors claimed a UK-based cryptocurrency could provide a new avenue for foreign investment for Britain. They said: “We suppose there could be a direct benefit in let’s say, for example, if the UK has its own cryptocurrency that can be used to invest in the UK.
“Then that may encourage people from certain countries outside the US or the UK to invest in the UK, if they, for whatever reason, want to make their investment in some form of cryptocurrency rather than traditional cash or Sterling. “That could be sort of an indirect benefit, we suppose to encourage investments in the UK.”
The two, however, did admit any scenario may be “a long way from” financial and business transactions using cyptocurrencies in the UK. They added: “We don’t really see why cryptocurrency should be singled out any more than any other investment. “It’s quite likely that there’ll be more tax increases in the coming years, we would imagine to pay for Covid.
“The Government’s obviously just announced the increases in National Insurance, which is, you know, a start. “In the budget in April, they announced the increases in corporation tax that are going to kick in a few years’ time.The pair also warned against placing any transaction tax on cryptocurrency as it may dissuade investment from the UK.
The Chancellor has been called to introduce a digital currency ahead of the EU now the UK is free from the shackles of the bloc. Some have called on the Chancellor to introduce a Central Bank Digital Currency (CBDC).
Image credit Getty Images
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