U.K. plans to create own NFT

The U.K government has announced that it has plans in issuing a non-fungible token (NFT) in its push toward embracing crypto technologies.

It was tasked by the U.K’s treasury minister (The Chancellor of the Exchequer) Richi Sunak for the Royal Mint to issue an official NFT around summertime this year. The project was announced by the Economic Secretary to the Treasury John Glen who billed the token as a symbol of a “forward-looking approach” to crypto assets, with its aim to create a “dynamic regulatory landscape” that welcomes and pushes the technology.

Furthermore, it was also announced that the government has plans in bringing stablecoins within the U.K’s existing regulations on electronic payments. With news as well about legislation for a “financial market infrastructure sandbox” to be run by the Bank of England and the Financial Conduct Authority to help firms experiment and innovate in the crypto space. Lastly, news about the Law Commission considering the legal status of decentralized autonomous organizations or DAOs had been reported.

The details of the entirety of the project by the U.K is still yet to be revealed further on but with little detail about it, it definitely shows that the U.K. is serious about making itself a hub and a leader in fintech innovation despite the controversy and speculation over NFTs.

What do you think of the U.K. minting its very own NFT? Let us know your thoughts below!