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The move by the UK Treasury to update anti-money laundering regulations to include Bitcoin and other virtual currencies is welcomed by government advisor, who describes it as "simple but sensible".

Simon Taylor is co-founder of Eleven FS, a consultancy which advises banks and governments on the future of money, tells Radio 4's PM programme that this move will encourage more people to invest in Bitcoins
"as it becomes easier to regulate and safer for retail and professional investors".

(Photo: A sign advertising a Bitcoin exchange Credit: Getty Images)