The UK has shelved plans to launch a government-backed “NFT for Britain,” initially proposed by crypto-friendly Prime Minister Rishi Sunak.
As Chancellor of the Exchequer, the equal of Treasury Secretary, in April 2022 Sunak requested the Royal Mint to create an “NFT for Britain” as a part of the “authorities’s push to make Britain a worldwide hub for crypto property.” know-how and investments.”
Chancellor @RishiSunak has requested @RoyalMintUK to supply an NFT to be launched by the summer season.
This resolution demonstrates the forward-thinking method we’re resolutely taking in the direction of cryptoassets within the UK. pic.twitter.com/cd0tiailBK
— HM Treasury (@hmtreasury) April 4, 2022
The venture was supposed to begin by summer season 2022, however in the end missed the deadline.
When requested by the Chair of the Treasury Choose Committee whether or not there was nonetheless a plan for the Royal Mint to subject a non-fungible token on March 27, Treasury Secretary for Financial Affairs Andrew Griffith famous that:
“In session with HM Treasury, the Royal Mint will not be at the moment continuing with the launch of a non-fungible token however will proceed to judge this proposal.”
Harriet Baldwin, the Chair of the Treasury Choose Committee who put the query in Parliament, was later quoted in a BBC report of March 26 as saying:
“We have not seen a lot proof that our constituents ought to make investments their cash in these speculative tokens until they’re prepared to lose all their cash.”
“Maybe that’s the reason the Royal Mint made this resolution along side the Treasury,” she added.
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The idea of the NFT for the UK in the end appears fairly obscure because the Royal Mint and Treasury haven’t elaborated on what the NFTs would do and the way they might be used.
On the time of the preliminary announcement, all it stated was that extra particulars could be forthcoming “quickly”, whereas opponents of the plan, akin to Labor MP and Shadow Chancellor Rachel Reeves, additionally questioned Sunak’s priorities, calling him “hopeless”.
“The nation is going through a extreme cost-of-living disaster, made worse by the selections of this Chancellor. That is his precedence now. Hopeless,” she stated.
The nation is going through a extreme cost-of-living disaster, made worse by this Chancellor’s choices.
That is his precedence now.
Hopeless. https://t.co/7onvKmy38K
— Rachel Reeves (@RachelReevesMP) April 5, 2022
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