The UK shared its plans to mint its own non-fungible token (NFT), which would seek to reflect “a forward-looking approach” towards crypto assets. The information was confirmed by Rishi Sunak, Finance Minister, who ordered the Royal Mint to issue an NFT sometime this summer.
In this way, the change announced by the government will be carried out by the official entity in charge of printing the country’s money. However, it has been ruled out that the authorities intend to replace the pound sterling as the official currency and replace it with a digital asset.
This decision shows the forward-looking approach we are determined to take towards cryptoassets in the UK. pic.twitter.com/cd0tiailBK
— HM Treasury (@hmtreasury) April 4, 2022
For his part, Treasury Secretary John Glen said he had asked a working group to consider the “legal status of decentralized autonomous organizations,” implying that his government is taking entry into the the cryptocurrency business.
There is still no clarity regarding the official announcement. On the one hand, it is thought that the Treasury cryptocurrency project could be some kind of collector’s item that cryptocurrency enthusiasts will want to have or that it will simply be a single NFT stored in a hardware wallet.
John Glen’s announcement comes as part of the Global Innovate Finance Summit and exposes the Treasury’s economic secretary’s attempts to make the UK a “pro-innovation jurisdiction” in terms of cryptocurrency development.
“I am announcing today that the Chancellor has asked the Royal Mint to create a non-fungible token, an NFT […] to be broadcast before the summer, emblematic of the progressive approach we are determined to take [… ] More details will be available very soon,” Glen noted.