Plans to launch a government-backed NFT for Britain, proposed by the UK’s crypto-friendly Prime Minister Rishi Sunak, have been shelved for now!
UK Treasury Abandons Royal Mint NFT Plans
Rishi Sunak, who served as the UK’s Minister of Finance in 2022, wanted the UK to become a global center for crypto assets. As part of these wishes and plans, Rishi Sunak asked the Royal Mint to create “NFT for Britain” in April 2022. However, while this project was supposed to be launched by the summer of 2022, it ultimately failed to meet the deadline.
Asked by the chair of the Treasury Select Committee whether there was still a plan for the Royal Mint to issue a non-fungible token on March 27, Economic Secretary of the Treasury Andrew Griffith noted that:
“In consultation with HM Treasury, the Royal Mint is not proceeding with the launch of a Non-Fungible Token at this time but will keep this proposal under review.”
Uncertainty in the NFT Concept
Harriet Baldwin, Chair of the Treasury Select Committee, said: “We have not yet seen much evidence that our constituents should put their money into these speculative tokens unless they are prepared to lose all their money. Perhaps that is why the Royal Mint has taken this decision with the Treasury”
Uncertainty remains for the NFT concept for the UK, as the Royal Mint and Treasury have not provided detailed information on what NFTs will do and how they will be used.
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