The government has announced further funding and research for the development of digital currencies in today's Budget.
Digital currencies, such as bitcoin, will soon have anti-money laundering regulations apply to them.
The government is launching a research initiative to combine the work of the research councils, the Alan Turing Institute and Digital Catapult, in order to 'address the research opportunities and challenges for digital currency technology.'
Additionally, this research will receive funding of £10 million.
The Budget document read: 'Finally, the government will work with the British Standards Institution and the digital currency industry to develop voluntary standards for consumer protection.'