HMRC’s action on Bitcoin shows cryptocurrencies are future of money – deVere

deVere CEO and founder Nigel Green has claimed that Her Majesty’s Revenue and Customs’ (HMRC) latest bid to recover unpaid taxes on cryptocurrencies demonstrates that digital assets are the “future of money”.

Following claims that HMRC is asking cryptocurrency exchanges to reveal customers’ names and transaction histories, in order to recover unpaid taxes, Green said: “This move by the UK’s tax authority cannot be viewed as anything other than another clear sign that cryptocurrencies like Bitcoin, Ethereum and XRP are not only part of mainstream finance, but also the future of money.”

He highlighted there is a “continual and increasingly rapid slew” of indictors that digital currencies are gaining traction in an “increasingly digitalised world – much to the chagrin of financial traditionalists like Warren Buffet and Donald Trump.”

Regulators across the globe are preparing and looking to implement regulatory guidelines for cryptocurrencies in order to keep-up with the likes of Japan, Malta, Switzerland and South Korea which have already introduced pro-crypto policies.

“Most major financial institutions globally already have or are preparing to establish crypto desks. A growing number of retail and institutional investors are piling into the crypto sector market. Tech giants, like Facebook, are planning to launch their own cryptocurrency – and where Facebook goes other tech monoliths will follow,” Green added.

Furthermore, China’s central bank, which oversees the world’s second largest economy, has revealed it will soon launch its own state-backed cryptocurrency after having researched the asset class for five years.

Green concluded: “HMRC’s growing interest in cryptocurrencies underscores that their public influence and appeal is growing.”

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