Government Considers Recognition and Regulation of Bitcoin

By Gary Cutlack on at

The chancellor is expected to namecheck Bitcoin in a speech today, pondering whether the UK should officially recognise and controlling such virtual currencies -- in the hope they might spur growth in the UK's tech sector.

Osborne's plan is to make the UK the "global centre of financial innovation," with the chancellor's team to start looking at how virtual currencies might be adopted and officially regulated within the existing financial system.

But that's just a small part of a wider plan that wants to introduce new legislation to make it easier for firms to get loans from smaller online providers, a new series of innovation awards and a push to get overseas companies to see the UK as the ideal place to start their "FinTech" businesses. [HM Treasury via BBC]

Image credit: Bitcoin from Shutterstock