UK Hasn’t Seen Benefits Of The Launch Of NFT

Key Points:

• The UK Treasury has canceled plans to launch a government-backed NFT with the goal of making the nation a worldwide crypto powerhouse.
• When chancellor in April 2022, Rishi Sunak directed the establishment of an “NFT for Britain” that could be traded online.
• The ideas, according to economic secretary Andrew Griffith, are not going ahead at this time, but the proposal will be reviewed.

The Treasury of the UK has rejected plans to establish a non-fungible token, which had been suggested by crypto-friendly Prime Minister Rishi Sunak.

When chancellor in April 2022, Rishi Sunak directed the establishment of an “NFT for Britain” that could be traded online. At the time, the British government was also working to incorporate so-called stablecoins into a legislative framework so that they might be used as a recognized form of payment.

The United Kingdom has scrapped the plans as part of a larger effort to make the country more desirable as a center for crypto innovation.

After discussions with the Royal Mint, the Treasury declared that it would not proceeding with the launch. Nevertheless, economic secretary Andrew Griffiths said that the idea will be kept “under review.”

Harriet Baldwin, head of the Treasury Select Committee, stated with BBC in response to the announcement:

“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 Royal Mint and Treasury have not commented on what the NFTs would perform or how they would be utilized, therefore, the notion of NFTs for Britain looks to be extremely ambiguous.

Digital tokens, which first appeared in 2014, may be seen as certificates of ownership for virtual or real goods, and they can be purchased with conventional cash or cryptocurrency.

The Treasury is seeking to regulate various cryptocurrencies and had intended to join the NFT sector as part of a larger effort to make the UK a digital payment center.

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Harold

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