A UK backed digital pound is likely to be launched later this decade, according to the Treasury and the Bank of England.

Both institutions want to ensure the public has access to safe money that is easy to use in the digital age, but the cryptocurrency will not be built until at least 2025.

The Treasury and the Bank of England will formally start a consultation for the digital currency, on Tuesday.

Cryptocurrencies are not backed by a central bank and the value can shoot up and down rapidly.