With the UK economy set to take another big hit from Brexit, the country is hoping to boost its financial services sector by turning to blockchain technology.
The country’s Financial Conduct Authority is considering a bill to introduce a regulated digital currency as a payment alternative, the Financial Times reported.
The government hopes to introduce the measure in the next month, the newspaper said.
The UK is set to introduce legislation this year to make it easier to use digital currencies like bitcoin to buy and sell goods and services.
The bill, which would allow businesses to accept bitcoin payments, would also provide support to those who are worried about the possible rise of other digital currencies.
In December, a report by the Royal Society of the UK said that a growing number of companies were considering blockchain technologies as a way to reduce their reliance on legacy systems.
Bitcoin has been gaining in popularity in the UK as people have become increasingly concerned about the financial system.
The UK’s central bank is considering introducing new regulations to limit the volatility of the currency.