UK Government Abandons Plans for NFT Launch With Royal Mint

UK Government Abandons NFT Launch Plan

The UK government has announced that it will not be going ahead with its plan to launch a non-fungible token (NFT). The former Chancellor of the Exchequer, Rishi Sunak, had requested the Royal Mint to create an “NFT for Britain” last year as part of his efforts to make the UK a global hub for crypto-asset technology and investment. The Royal Mint, wholly owned by His Majesty’s Treasury, is the official mint of the UK and the maker of British coins.

Responding to a question from Parliament Member Harriett Baldwin about the plan, Economic Secretary to the Treasury Andrew Griffith said that in consultation with HM Treasury, the Royal Mint has decided not to proceed with the launch of an NFT at this time. However, the proposal will be kept under review.

Some Members of Parliament have welcomed the decision, expressing concerns about the speculative nature of NFTs and the risks they pose to investors. Parliament Member Tulip Siddiq called for the government to focus on addressing the cost of living crisis, rather than “wasting time and taxpayers’ money on an NFT vanity project and promoting dodgy stablecoins.”

It remains to be seen if the UK government will pursue other initiatives to promote the development of the crypto industry in the country.