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Bitcoins could be used for payment to government

If income tax returns in pounds sterling seem a bit dull, you might soon be able to pay your tax bill in Bitcoins.

Chris Corlett, the Department of Economic Development’s chief executive, made the announcement at the close of the recent Crypto Valley Summit in Douglas.

He told delegates companies who deal in digital currencies have been getting in touch with the government to offer payment services in future.

But he said the government’s looking at a range of payment options, which could mean paying your car tax or income tax bill with cryptocurrency.

Mr Corlett told the event expressions of interest from firms have to be registered by October 3, and a decision on which companies would be contracted would be made a few months later.

He said there’s no limit on the number of payment providers the government could sign up with, as long as each one was competent and up to speed with governance issues such as anti-money laundering.

But there are no plans to let government coffers overflow with digital currencies such as Bitcoin – departments would convert payments into sterling.

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