Although bitcoin, the best-known virtual currency, has received bad press for supposedly facilitating criminal activity, many are advocating for a more widespread use of blockchain, the technology behind bitcoin.

Blockchain essentially is a decentralised ledger, which according to its proponents has great potential in increasing transparency and traceability of transactions.

While MEPs are calling on European-wide regulations, the UK government is already looking at how to use virtual currencies to distribute public money more efficiently.