Crypto-currencies are not currencies in the traditional sense, although they can sometimes be used to make payments. They are stored online in a "digital wallet" and act more like investment vehicles or securities, often with a high degree of volatility.

The anonymity of paying using crypto-currencies means they have been favoured for criminal activities such as drug dealing and ransomware attacks. However their supporters say the view that they are predominantly for circumventing the law is outdated and that innovation in this area offers huge potential.

Countries around the world have taken radically different approaches to crypto-currencies.

China has declared crypto-currency transactions illegal, a move India looks set to follow. Many other central banks are eyeing the sector warily and discussing regulation.

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However El Salvador recently declared Bitcoin - the most widely established crypto-currency - to be legal tender and its president plans to build a Bitcoin city at the base of a volcano, with the cryptocurrency used to fund the project.

Across the US, as well as many private citizens holding crypto-currencies, states and municipalities have begun toying with plans to integrate them into their operations.

The mayor of Miami and mayor elect of New York have ambitions to make their cities centres for cryptocurrency business.

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