The United Kingdom’s Treasury Minister has tasked the Royal Mint with developing an NFT as “an icon of Her Majesty’s Treasury’s forward-thinking approach” to cryptocurrencies and blockchains. The initiative was announced in a speech by John Glen, the Economic Secretary to the Treasury, who stated during a conference that additional information about the mint will be released “very soon.”
However, there is no indication that the government will try to replace the pound with Her Majesty’s Coin anytime soon. Due to the absence of specifics, such as how will the NFT work, what will it be used for, how many of them will be minted or what image the Royal Mint’s NFT will feature, skeptics may see this statement as a public relations stunt.
According to a post from Her Majesty’s Treasury’s official Twitter account, the request is made to demonstrate “the forward-looking approach we are determined to take towards crypto assets in the UK.”
According to a Treasury official, further details on the topic will be announced soon. Sunak added, as reported to The Guardian, “We want to see the 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.”
The Economic Secretary to the Treasury, John Glen, indicated on Tuesday, 5 April, at the Innovate Finance Global Summit that the Bank of England and the FCA will build a regulatory “sandbox” next year to evaluate the use of blockchain in market infrastructure.
Britain will also consider reducing barriers to fund managers including crypto assets in their portfolios.
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