The United Kingdom’s Government is in the process of drafting recommendations for bitcoin regulation into the chancellor’s budget. This budget which is released every year around March is extremely important because it covers any amendments to taxation rules, sets public spending levels and proposes financial measures to help grow the UK economy. Since the government budget has a strong influence on the country’s financial landscape, bitcoin businesses and investors should look out for these recommendations as they are likely to indicate the approach that the UK is going to take to cryptocurrencies. Though the specific topics that will be addressed have not been announced, it is forecasted that the budget will discuss the possibility of implementing bitcoin as a method of paying wages, set some operating rules for businesses looking to transact with bitcoin and look at raising finances for bitcoin businesses.
Bitcoin enthusiasts are hopeful that the budget will build a more friendly attitude towards cryptocurrencies in the UK. They have reason to believe that the budget will be pro-bitcoin; the United Kingdom currently has one of the friendliest attitudes towards cryptocurrencies in the world, with reasonable taxation rules that treat bitcoin like a currency as opposed to property or anything else. London also hosts the most bitcoin startups and businesses, exceeding the amount of venture capital invested anywhere else. If executed properly, this legislation could be groundbreaking for the bitcoin economy.