London Block Exchange, a newly launched site that allows users to buy and sell cryptocurrency transactions, will issue a shopping debit card named "Dragoncard" in the coming weeks.
This card will change their ownership in Bitcoin and other virtual currency into pound sterling so it can be used for shopping.
"Dragoncard is designed to counter criticism of Bitcoin that this digital currency is a commodity and has only a few applications in the real world," said LBX Founder and CEO Benjamin Dives, quoted by the Telegraph on Friday, November 17, 2017.
He also complained that only a handful of large companies had received Bitcoin payments, because they had been ravaged by issues of money laundering and other criminal activity.
According to Dives, when shopping using Dragoncard, LBX will pay retailers with a pound sterling value. Way, crypto converted into pounds sterling at a cost of 0.5 percent.
Dives claims that LBX is the first in the world to convert crypto into United Kingdom, pound sterling, although several other companies have tried to launch similar debit cards.
The LBX step has also been approved by the UK Financial Conduct Authority in Indonesia.
"With this conversion we hope to remove all of these obstacles.Although being the world's financial capital, London is not the friendliest for investors to transact cryptocurrency.