Previously, it was cumbersome for bitcoin account holders to transact in national currencies because they had to go through one or more exchanges and then wait further for funds to arrive in a bank account or other intermediary like the formerly bitcoin-friendly Paxum.

FORBES: Bitcoin Funded Debit Cards

Ms Perchard added that some people with a basic current account had to wait up to 10 days for cheques to clear and were hit with harsh penalties if there was not enough money in the account to pay direct debits.

BBC: A cheque being written