The UK's main financial watchdogs are to team up and investigate the risks and rewards of digital money and its technology. It comes less than a month after Bank of England governor Mark Carney warned that cryptocurrencies like bitcoin were "failing".

Plans for a cryptoasset taskforce form part of the government's first strategic look at the burgeoning sector for financial innovation, which will be launched on Thursday by Chancellor of the Exchequer Philip Hammond. The taskforce will comprise of the UK Treasury, Financial Conduct Authority and Bank of England.