The NFT bug has bitten the UK government. And now it is planning to issue NFTs this summer. Her Majesty’s Treasury said that Chancellor of the Exchequer Rishi Sunak has directed the Royal Mint, the government-owned body that mints coins for the UK, to create a non-fungible token or an NFT by this summer.
The announcement was made in a speech by the Economic Secretary to the Treasury, John Glen, who in his speech said that more details on the Royal Mint’s NFTs will be available very soon. “ I am announcing today that the Chancellor has asked the Royal Mint to create a non-fungible token – an NFT… to be issued by the Summer, an emblem of the forward-looking approach we are determined to take… and there will be more details available very soon,” he said at the Innovate Finance Global Summit during Fintech Week 2022.
Chancellor @RishiSunak has asked @RoyalMintUK to create an NFT to be issued by the summer.
This decision shows the the forward-looking approach we are determined to take towards cryptoassets in the UK. pic.twitter.com/cd0tiailBK
— HM Treasury (@hmtreasury) April 4, 2022
In addition to this, the UK government said that it planned to create a taskforce to regulate crypto assets in the country. “Treasury and regulators, through the Cryptoassets Taskforce, working together to create a dynamic regulatory landscape which works for everyone,” Glen added.
The Treasury also outlined a plan to use stablecoins as a valid form of payment in the UK. It also said that the UK government intended to bring stablecoins within the payments regulatory perimeter, creating conditions for stablecoins issuers and service providers to operate and invest in the UK. For the unversed, stablecoins are cryptocurrencies whose value is tied to fiat currencies such as Dollar or Pound. This makes stable coins less volatile and more stable compared to traditional cryptocurrencies.
“This is part of our plan to ensure the UK financial services industry is always at the forefront of technology and innovation,” the Chancellor said on the occasion.