UK Government Drops Plan to Launch NFT With Royal Mint

The U.K. authorities has confirmed that it is not proceeding with a program to motorboat a non-fungible token (NFT). British Prime Minister Rishi Sunak asked the Royal Mint to make an “NFT for Britain” portion helium was serving arsenic the Chancellor of the Exchequer past twelvemonth arsenic portion of his efforts to marque the U.K. a planetary hub for crypto-asset exertion and investment.

Britain Drops NFT Plan

Parliament Member Harriett Baldwin, seat of the House of Commons Treasury Select Committee and a subordinate of the NATO Parliamentary Assembly, asked the Chancellor of the Exchequer “whether it remains the argumentation of his section that the Royal Mint contented a non-fungible token.” Wholly owned by His Majesty’s Treasury, the Royal Mint is the authoritative mint of the U.K. and the shaper of British coins.

Responding to Baldwin’s question connected Monday, Economic Secretary to the Treasury Andrew Griffith stated:

In consultation with HM Treasury, the Royal Mint is not proceeding with the motorboat of a non-fungible token astatine this clip but volition support this connection nether review.

Rishi Sunak, the existent premier minister, asked the Royal Mint to make an “NFT for Britain” successful April past twelvemonth portion helium was serving arsenic the Chancellor of the Exchequer. The task was portion of his ambition to marque the U.K. a “global hub for crypto-asset exertion and investment.”

Commenting connected the cancellation of the government’s NFT project, Baldwin said: “We person not yet seen a batch of grounds that our constituents should beryllium putting their wealth successful these speculative tokens unless they are prepared to suffer each their wealth … So possibly that is wherefore the Royal Mint has made this determination successful conjunction with the Treasury.”

Parliament Member Tulip Siddiq welcomed the determination to driblet the NFT project. “I’m gladsome that the Royal Mint has yet made the Conservatives spot sense, but we’ve been calling connected the Chancellor to driblet this crypto gimmick for months,” she detailed, emphasizing:

This out-of-touch authorities should beryllium focused connected the outgo of surviving crisis, not wasting clip and taxpayers’ wealth connected an NFT vanity task and promoting dodgy stablecoins.

Do you deliberation the U.K. authorities should proceed with the motorboat of an NFT for Britain? Let america cognize successful the comments conception below.

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