The NFT bug has bitten the UK government. And now it plans to release NFTs this summer. Her Majesty’s Treasury said the Chancellor of the Exchequer Rishi Sunak has instructed the Royal Mint, the government-owned organization that mints coins for Britain, to create a non-fungible token, or NFT, by this summer.
The announcement was made in a speech by the Treasury’s economic secretary, John Glenn, who said in his speech that more details on the Royal Mint’s NFTs would be available very soon. “I am announcing today that the Chancellor has asked the Royal Mint to create a non-fungible token – an NFT… to be issued by Samar, a symbol of the forward-looking approach we are determined to take…more There will be more details will be available very soon,” he said at the Innovate Finance Global Summit during Fintech Week 2022.
The decision reflects a determined approach to the move towards cryptocurrency in the UK. pic.twitter.com/cd0tiailBK
— HM Treasury (@hmtreasury) 4 April 2022
Furthermore, the UK government said that it plans to create a task force to regulate crypto assets in the country. “The Treasury and regulators, through the CryptoAssets Taskforce, are working together to create a dynamic regulatory landscape that works for all,” Glenn said.
The Treasury also outlined plans to use stable coins as a legitimate form of payment in the UK. It also stated that the UK government intends to bring stablecoins within the payments regulatory ambit, thereby creating conditions for stablecoin issuers and service providers to operate and invest in the UK. For the unversed, stablecoins are cryptocurrencies whose value is pegged to fiat currencies such as the dollar or pound. This makes stablecoins less volatile and more stable than traditional cryptocurrencies.
Speaking on the occasion, the Chancellor said, “It is part of our plan to ensure that the UK financial services industry is always at the forefront of technology and innovation.”
Here’s how the royal family will release NFTs this summer? Appeared first on BGR India.