The United Kingdom treasury reveals its plans of releasing a nonfungible token by summer
Chancellor of the exchequer, Rishi Sunak has asked the Royal Mint to create the NFT which is to act as “an emblem of the forward-looking approach”.
“This decision shows the forward-looking approach we are determined to take towards crypto assets in the UK,” Her Majesty’s Treasury says in a Twitter post.
In a speech at the Innovate Finance Global Summit, John Glen, the economic secretary to the treasury, announced NFT is a part of the government’s vision to make the UK “a global crypto-asset hub”.
As a part of the same plan, the UK also plans to bring stable coins (crypto assets pegged to a fiat currency) into regulation and make it a recognized form of payment alongside introducing a ‘financial market infrastructure sandbox’ that will allow firms to experiment.
This comes after the government launched a consultation on crypto assets and stable coins last year.
Rijul Baath contributed to this report
