Bitcoin REJECTED: UK shouldn’t accept crypto as currency, says poll – ‘It crashes hard’

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Since 2017, the UK Government has warned bitcoin is unregulated and that it should be treated as a ‘foreign currency’ for most purposes. Currently, when bitcoin is exchanged for sterling or for foreign currencies, such as euro or dollar, no VAT will be due on the value of the bitcoins themselves.

After El Salvador became the first country in the world to approve the cryptocurrency as legal tender, asked: “Should the UK accept cryptocurrency as official currency?”

The poll – which ran from 12pm yesterday to 7am today – received 1,287 votes and 72 percent (928) of voters said bitcoin should not be accepted as currency in the UK.

Just 27 percent (342) said the cryptocurrency should be, while only one percent (17) voted they don’t know.

One said: “Absolutely not.

“It’s built on a constantly collapsing Pyramid scheme model.

“And when it crashes it crashes hard.

“Nothing you want in a traditional currency.”

Someone else commented: “Accepting a digital currency is a fatal step towards losing the real one in your hand, pocket & wallet, as the powers that be want to control you with a cashless society.

“We must not accept it.”

Another reader said: “No, we would all be at the mercy of cybercriminals.”

A fourth person wrote: “A UK digital currency is bad enough, bitcoin is for the chancers.”

Another added: “No! A virtual ‘currency’ wholly unsupported by any ‘asset value’ other than a fictional ‘worth’ (freely manipulated by the likes of Elon Musk at his whim) can never replace a sovereign currency!”

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While someone else wrote: “Thought they were trying to save energy and going green.

“And China is sacking miners because of the horrendous energy they are using.”

Others argued how cryptocurrencies are for “drug dealers and other scam artists” to use.

One person said: “No, we would all be at the mercy of cybercriminals.”

However, others saw the benefit of introducing cryptocurrency as an official UK currency.

One person said: “Cryptocurrency is an umbrella term so it’s a bit of an odd title.

“My answer is yes, cryptocurrency should be used.

“It’s better than salt trading, and pieces of paper that we currently use (although infrequently, as only one percent of money is actually minted).

“I don’t like the three percent fee I get with visa for an international trade.

“Criminals love to use the older form of money.

“Look at Venezuela, cash is printed left right and centre by the criminal government.”

They added: “People aren’t excited by the unknown, they hate it and when it becomes the known, they become obsessed with it and can’t live without it.

“People also don’t learn from history which is why they are condemned to repeat it.”

Back in February, London was advised to embrace bitcoin in a post-Brexit Britain as the UK looked to find new ways to thrive outside of the EU.

Foreign Secretary Dominic Raab said the EU won’t be Brexit Britain’s main competition.

He said EU financial capitals may “nick a bit of business here and there from the City”, but that they will not challenge London’s status as Europe’s global financial capital.

Mr Raab added: “The boss of Barclays has been saying recently how the long-term position of the UK is unparalleled, unrivalled.

“The crucial question for the EU, while it may be able if you like to nick a bit of business here or there from the City, but the problem is the measures they will take to achieve this will undermine their own competitiveness.

“The challenge to London as a global financial centre around the world will come from Tokyo, New York and other areas rather than those European hubs. Particularly if they start to erect barriers to trade and investment.”

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