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UK Government Drops Plan to Launch NFT with Royal Mint – Regulation Bitcoin News
The UK government has confirmed that it is not proceeding with a plan to launch a non-fungible token (NFT). British Prime Minister Rishi Sunak asked the Royal Mint to create an “NFT for Britain” while serving as Chancellor of the Exchequer last year as part of his efforts to make the UK a global hub for technology and crypto-asset investment.
UK drops NFT plan
MP Harriett Baldwin, Chair of the House of Commons Treasury Select Committee and a member of the NATO Parliamentary Assembly, asked the Chancellor of the Exchequer “whether it remains the policy of his department that the Royal Mint issue a non-fungible token.” Wholly owned by His Majesty’s Treasury, the Royal Mint is the official mint of the United Kingdom and producer of British coins.
In response to Baldwin’s question on Monday, Finance Minister Andrew Griffith stated:
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.
Rishi Sunak, the current Prime Minister, asked the Royal Mint to create an “NFT for Britain” last April while serving as Chancellor of the Exchequer. The project was part of his ambition to make the UK a “global hub for technology and investment in crypto assets.”
Commenting on the cancellation of the government’s NFT project, Baldwin said: “We have yet to see much evidence that our voters should put their money into these speculative tokens unless they are prepared to lose all their money… So maybe that’s why the The Royal Mint has taken this decision in collaboration with the Treasury.”
Storting member Tulip Siddiq welcomed the decision to drop the NFT project. “I am delighted that the Royal Mint has finally made the Conservatives see sense, but we have been asking the Chancellor to drop this crypto gimmick for months,” she detailed, stressing:
This out of date government should focus on the cost of living crisis, not waste time and tax payers money on an NFT vanity project promoting dubious stablecoins.
Do you think the UK Government should proceed with the launch of an NFT for the UK? Let us know in the comments section below.
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