The UK has abandoned its ambitions to introduce a state non-fungible token (NFT) to improve the nation’s handling of digital assets.
The Royal Mint, which was responsible with establishing the NFT, would not go ahead with the scheme, but would keep it under review, according to Andrew Griffith, the Financial Secretary of the Treasury, who informed Parliament of the decision.
Recall that the Royal Mint was requested to establish the NFT in April 2022 by Rishi Sunak, the previous Chancellor of the Exchequer and Prime Minister of the UK. By the summer of that year, the token was supposed to be made available.
The official distributor of coins for the UK is the Royal Mint. Being the oldest business in the nation
It is a limited firm that belongs entirely to His Majesty’s Treasury.
The NFT launch supported the ministry’s objectives to establish the UK as a hub for digital asset investments and technology as part of its “forward-looking approach” to cryptocurrencies. The Royal Mint was unable to meet the distribution deadline due to delays, though.
Griffith made his admission in answer to a question from Harriet Baldwin, the chair of the Treasury Select Committee, in Parliament over whether or not Sunak’s policy included the issuing of NFTs.