The Bank of England reportedly established a special research unit to study cryptocurrencies and could introduct the national cryptocurrency next year.

MOSCOW (Sputnik) — The Bank of England could give an approval on introduction of the national cryptocurrency already in 2018, local media reported.

The Telegraph newspaper reported Saturday that the Bank of England established a special research unit in February 2015 in order to study the issue of introduction of a pound-linked cryptocurrency.

The media outlet added that the working group that was focusing on the technologies for digital transactions used in cryptocurrencies, such as bitcoin, could present the results of its analysis in 2018.

According to media reports, authorities of such states as Israel and Sweden are also considering the possibility to launch own cryptocurrencies. The Venezuelan Finance Ministry has also recently announced that the country would create its own cryptocurrency to overcome the financial blockade.

Despite the fact that recently the interest to cryptocurrencies has been continuously increasing, some countries are rushing to put restrictions on the new form of payment. Recently, the South Korean government announced additional measures to curb speculation in virtual currencies and ban the use of anonymous virtual accounts in cryptocurrency transactions.