Plans to introduce government-backed NFTs in the UK have been put on hold indefinitely. Last year, the UK government toyed with the idea of issuing its own non-fungible tokens as part of its crypto plan, but for now, it looks like this will have to wait.
When the announcement was made, the royal mint, the institution responsible for printing the nation’s money, was given the task by the UK Treasury. Initially, the digital tokens were scheduled to be released in the summer of 2022. However, various delays led to speculation as to whether the tokens would ever materialize.
It turns out that this is the case. However, while it may come as a surprise to some, those who closely follow blockchain developments know that this is not the first time the UK government has expressed an intention to explore this space. In fact, since 2017, the Royal Mint was already considering the use of blockchain technology to track its gold supply.
What sets the UK government apart from many others is its apparent fascination with technology, particularly during periods of market excitement. However, this interest tends to wane when the market experiences a downturn, revealing an unwavering lack of confidence in the technology.
Why has the UK canceled the government-backed NFT scheme?
Speaking to the press after the announcement, Harriet Baldwin, chair of the Treasury Select Committee, notes: “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.”
She goes on to add that “Perhaps that is why the Royal Mint has made this decision in conjunction with the Treasury.”
However, as Andrew Griffith, the UK’s financial secretary, said, the proposal to introduce government-backed NFTs will remain under review.
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*All investment/financial opinions expressed by NFT Plazas come from the personal research and experience of our site moderators and are intended for educational purposes only. People are required to fully research any product before making any type of investment.
Basil is an avid fan of blockchain technology and all its innovations, and he is passionate about sharing this narrative with his audience. He has spent over five years in the crypto space, specializing in research and creating Web3 content for various media outlets around the world.
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