Revisiting the UK Government’s Decision to Not Issue NFTs
The UK government has dropped plans to issue a non-fungible token (NFT), which was first proposed in April 2022 and is due to be released in June 2022.
The UK Treasury’s economics minister, Andrew Griffiths, said the Royal Mint had canceled plans to launch a government-backed token.
Griffith’s statement came in response to a question from Harriet Baldwin, chair of the Treasury Select Committee, who asked if there was still a plan for the Royal Mint to issue an NFT.
“In consultation with the Royal Treasury, the Royal Mint is not proceeding to issue a non-fungible token at this time but will keep this proposal under review.”
Andrew Griffiths, UK Economics Secretary to the Treasury
In April 2022, the former Chancellor of the Exchequer, Rishi Sunak, the current British Prime Minister, asked the Royal Mint to create an NFT to be distributed by the summer of 2022. The proposed creation of NFTs was part of Sunak’s plans to make Britain a hub for cryptocurrency innovation and development.
Read More: Cryptoworld Sees Rishi Sunak’s Plans to Make UK a Crypto Hub as “Overdue Call”
Meanwhile, Baldwin’s statement in response to Griffith’s answer, as reported by the BBC, said:
“We haven’t yet seen much evidence that our constituents should put their money into these speculative tokens unless they are prepared to lose all their money. So perhaps that is why the Royal Mint made this decision jointly with the Treasury.”
The UK recently expressed concerns about the NFT sector, with lawmakers citing the lack of a regulatory framework for NFTs. In November 2022, lawmakers launched an investigation into the benefits and risks of non-fungible tokens.
Also, the UK’s advertising regulator, the Advertising Standards Authority (ASA), banned NFT advertising by Crypto.com and Turtle United in December 2022, claiming that the promotions are misleading.
You might also like: The United Kingdom wants to be a global cryptocurrency hub
You must log in to post a comment.