UK Government Plans to Create an NFT
Updated: May 1, 2022
The NFT will supposedly celebrate the U.K. government’s newfound goals to overhaul its approach to crypto and become a global hub for crypto technology and investments.
The U.K. government said it plans to issue a non-fungible token (NFT) to signal its commitment to a "forward-looking approach" on cryptocurrency technology and investment.
Speaking at the Innovate Finance Global Finance Summit, the Economic Secretary to the Treasury John Glen revealed that Chancellor Rishi Sunak had tasked the Royal Mint with creating a non-fungible token by the summer. Glen said that the NFT was “an emblem of the forward-looking approach [the government is] determined to take,” adding that more details would be available soon. He also revealed that the U.K. government sees “enormous potential in crypto” and wants the country to become a global hub for the industry.
He also added “Never in the history of commerce has there been an invention as hyped and misunderstood as Distributed Ledger Technology and Blockchain. For simplicity’s sake, I’m going to use the catch-all term ‘crypto’ or ‘crypto-technologies.’ But what I mean is the extraordinary, mercurial, underlying technology which makes ‘crypto’ possible… and which we can be pretty sure is going to have profound effects across multiple domains.”
Written By- Shriyansh Jain