The United Kingdom government has announced plans to release a non-fungible token (NFT) project dubbed the ‘Royal Mint NFT’. This announcement correlates with their plan for a “forward-looking approach” towards crypto assets in the UK.
Chancellor of the Exchequer (national treasury) Rishi Sunak has asked the U.K’s Royal Mint to produce an NFT in the following months prior to summer.
Economic Secretary to the Treasury John Glen stated in a keynote speech the Royal Mint NFT collection will be “an emblem of the forward-looking approach we are determined to take”
This announcement is part of a series of measures to make the U.K. a global hub for crypto-asset technology and investment, this includes the adoption of stablecoins by the UK government. The UK will proactively explore the potentially transformative benefits of Distributed Ledger Technology (DLT) in UK financial markets, which enables data to be synchronized and shared in a decentralized way to potentially achieve greater efficiency, transparency, and resilience.
“We think that by making this country a hospitable place for crypto we can attract investment, generate swathes of new jobs, and create a wave of ground-breaking new products and services. We’re on the cusp of something important. We have the opportunity to shape and lead it. And that is what we’ll do.“
John Glen, Economic Secretary to the Treasury
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