UK Treasury drops plans to launch NFT and keeps proposal under review

The UK has dropped plans to launch a government-backed non-fungible token (NFT) aimed at improving the country’s approach to crypto assets.

Andrew Griffith, Economic Secretary of the Treasury, revealed to Parliament that the Royal Mint, tasked with creating the NFT, would not proceed with the plan but would keep the proposal under review.

HM Treasury cancels NFT plans

Remember that Rishi Sunak, the Prime Minister of the United Kingdom and former Chancellor of the Exchequer, requested the Royal Mint to create the NFT in April 2022. The token was programmed to be released in the summer of that year.

The Royal Mint is the official provider of coins for the United Kingdom. As the oldest company in t

The nation is a limited company wholly owned by Her Majesty’s Treasury.

He NFTs The launch was part of the ministry’s “forward-looking approach” to cryptocurrencies, backing its plans to make the UK a global hub for digital asset technology and investment. However, the Royal Mint faced delays and was unable to meet the launch deadline.

Griffith’s disclosure was in response to a question Treasury Select Committee chair Harriet Baldwin asked in Parliament about the issuance of NFTs as part of Sunak. policy.

“In consultation with HM Treasury, the Royal Mint is not proceeding with a non-fungible token launch at this time, but will keep this proposal under review,” Griffith said.

Voters could lose all their money: Baldwin

Also, a BBC report quoted Baldwin, saying that the “NFT for Britain” project could lead to UK voters losing all their money due to the speculative nature of such tokens.

“We haven’t seen much evidence yet that our constituents should put their money into these speculative tokens unless they are prepared to lose all their money. So maybe that’s why the Royal Mint has made this decision in conjunction with the Treasury,” he said.