UK Treasury Asks Government Coin Issuer To Mint NFT

Chancellor Rishi Sunak has asked government-owned coin issuer the Royal Mint to create the digital asset

April 4, 2022 02:28 pm

Chancellor Rishi Sunak | Source: Pippa Fowles/"Rishi Sunak" (CC license)

key takeaways

The UK doubled down on its crypto plans Monday with the announcement that an NFT may be minted by this summer
The country’s finance ministry said it is prioritizing stablecoin regulation in a Monday report

In another effort to become a leader in digital asset technology, the United Kingdom’s Treasury has asked the Royal Mint, the agency responsible for creating British currency, to mint an NFT.

Chancellor Rishi Sunak has asked the government-owned coin issuer to create an NFT (non-fungible token) by this summer, according to a tweet from the Treasury account Monday.

Economic Secretary to the Treasury John Glen addressed the news during his keynote speech at the Innovate Finance Global Summit on Monday.

“I am announcing today that the Chancellor has asked the Royal Mint to create a non-fungible token, an NFT…to be issued by the summer, an emblem of the forward-looking approach we are determined to take…and there will be more details available very soon,” Glen said.

The move comes as the UK’s finance ministry announced its plans to prioritize stablecoin regulation in a report released Monday. The ministry said it will be releasing further regulatory guidelines this year in an effort to protect consumers.

“We want this country to be a global hub — the very best place in the world to start and scale crypto companies,” Glen said. “If there is one message I want you to leave here today with, it is that the UK is open for business, open for crypto businesses.”

Sunak, who was unable to attend the summit, has not yet provided any additional information about the NFT.

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