The United Kingdom has shelved plans to launch a government-backed “NFT for Britain,” which was initially proposed by crypto-friendly Prime Minister Rishi Sunak.
While serving as chancellor of the Exchequer, the equivalent of a chief financial minister, Sunak asked the Royal Mint in April 2022 to create an "NFT for Britain" as part of the government’s “ambition to make the UK a global hub for crypto-asset technology and investment.”
The project was meant to be launched by the summer of 2022, but has ultimately failed to meet the deadline.
Asked by the chair of the Treasury Select Committee whether there was still a plan for the Royal Mint to issue a nonfungible token on March 27, Economic Secretary of the Treasury Andrew Griffith noted that:
In consultation with HM Treasury, the Royal Mint is not proceeding with the launch of a Non-Fungible Token at this time but will keep this proposal under review.
Harriet Baldwin, the chair of the Treasury Select Committee who posed the question in Parliament, was later quoted in a March 26 BBC report saying:
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," she added.
Related: CryptoUK calls on regulators to address de-banking of digital asset firms
The NFT for Britain concept ultimately appears to be quite vague, as the Royal Mint and Treasury haven’t elaborated on what the NFTs would do and how they would be used.
At the time of the initial announcement, it was simply stated that more details would be announced “soon,” while opponents of the plan, such as Labor MP and Shadow Chancellor Rachel Reeves also questioned Sunak’s priorities, calling it “hopeless.”
“The country is facing a severe cost of living crisis made worse by this chancellor’s choices. This is his priority right now. Hopeless,” she said.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.
Follow us on Telegram
Stay updated of all the news
Ethereum price to outpace Bitcoin price as ETH jumps over key hurdle where BTC fumbles
Ethereum (ETH) price is working on its recovery after it dipped to a two-week low on Thursday. While Bitcoin price has failed to make a similar move and head back above $26,500, Ethereum is outpacing Bitcoin and has been able to push above $1,800.
Bitcoin price retreats as US core PCE inflation comes hotter than expected
Bitcoin price declined in response to April's US core PCE inflation data, which came higher than anticipated. The knee-jerk reaction from market participants increased the selling pressure on the asset, pushing it below $26,400.
Cardano founder says CIP-1694 upgrade will be a “wake-up call” for crypto
Cardano, one of Ethereum’s main competitors, is gearing up for further decentralization through its Improvement Proposal (CIP-1694), which is expected to bring the Ethereum-killer altcoin into a new era of governance with decentralization in its decision-making.
PEPE price action puts traders on the edge of their seats as pennant gets filled
PEPE price is entering the very last possible stage before finally determining whether bulls or bears have the winning hand in this poker game showdown.
Bitcoin: BTC delays inevitable crash to $25,000
Bitcoin price is delaying a crash that has been brewing for roughly two weeks. A failure to push higher could result in a steep correction next week. The troubling macroeconomic conditions could be key in catalyzing and trigger a nosedive for BTC holders.