HMRC’s bid to claw back taxes on cryptocurrencies demonstrates the digital assets are the future of money, says Nigel Green, chief executive of deVere Group.
Green is speaking out after it is revealed that HM Revenue and Customs is asking cryptocurrency exchanges to reveal customers’ names and transaction histories, in a bid to recover unpaid taxes.
Green commented, “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 continued, “There is a continual and increasingly rapid slew of indicators that digital currencies are gaining traction in our increasingly digitalised world –much to the chagrin of financial traditionalists like Warren Buffet and Donald Trump.
“For instance, financial regulators around the world are preparing and looking to implement regulatory guidelines for cryptocurrencies in order to keep pace with countries like Japan, Malta, Switzerland and South Korea which already have 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.
“And just this week, China’s central bank, which oversees the world’s second largest economy, has revealed it will soon launch its own state-backed cryptocurrency following five years of research.”
When Donald Trump last month criticised Bitcoin, the deVere CEO said the president was “placing himself on the wrong side of history.”
He went on to note, “Standing on the side lines, or worse looking backwards, on the issue of cryptocurrencies – which are redefining and reshaping the financial system – is a baffling approach for the leader of the world’s largest economy to take.”
Green concluded, “HMRC’s growing interest in cryptocurrencies underscores that their public influence and appeal is growing.”