Plans For Royal Mint NFT Dropped By UK Government

Plans for a government backed non-fungible token (NFT) produced by the Royal Mint have been dropped, the Treasury has announced. The BBC reports: Rishi Sunak ordered the creation of a "NFT for Britain" that could be traded online, while chancellor in April 2022. The Treasury announced it was "not proceeding with the launch" following a consultation with the Royal Mint. But economic secretary Andrew Griffiths said the department would keep the proposal "under review." Responding to the announcement, Harriet Baldwin, chair of the Treasury Select Committee, said: "We have not yet seen a lot of evidence that our constituents should be putting their money in these speculative tokens unless they are prepared to lose all their money. "So perhaps that is why the Royal Mint has made this decision in conjunction with the Treasury." The Treasury is working to regulate some cryptocurrencies and had planned to enter the NFT market as part of a wider bid to make the UK a hub for digital payment companies. In April 2022, the then-chancellor Mr Sunak said: "We want to see the [cryptocurrency] businesses of tomorrow - and the jobs they create - here in the UK, and by regulating effectively we can give them the confidence they need to think and invest long-term."

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