Bank of England New Cryptocurrency - Tax on Transactions

The Bank of England are looking to create their own Crypto.

Fair play to the Bank, if they sit on the sidelines they will be left behind, it is time for all Banks to jump on the bandwagon, if they don't they will not exist in the future.

The new currency will be linked to the Pound, to enable it to exist without the strong volatile swings experienced with general cryptocurrencies.

The general idea is to create fast payments directly, instead of being cleared by many banks to make a payment, or to receive a payment.

Account Id's will belong to account holders, so the Government and the Bank will know who owns the id's and will be able to see who is paying who. The problem is with this, is that everyone would be able to see the transactions being carried out on the blockchain, and would soon be linking id's to transactions, and then to actual people.

Lets face it, Governments and Banks do not have a clue what to do about cryptocurrency, they have no idea of how to take control of it, they can try banning it, but then it would just go underground.

Personally I would not mind paying a small percentage to the tax man each time I exchanged or made a payment, but only if I then did not have to declare my earnings and then get taxed again.

This method used to be used at Horse Racing Betting Shops years ago in the UK. You had the choice of paying tax on the amount you were betting, or paying tax on the amount you won. Obviously most people paid tax on the amount they put on the bet.

This all changed when the UK government made betting tax free to compete with betting companies around the world.

I would love to pay a little tax on each transaction, the exchange or ICO could then take the tax and pay it to the government of the country where you live, and then we could all get on with making our fortunes without worrying about governments messing it all up for us.