The U.K. government on Monday announced plans to mint its own non-fungible token, in order “to make the UK a global cryptoasset hub”.
Here is what we know:
John Glen, Economic Secretary to the Treasury, in his speech on Monday at the Innovate Finance Global Summit during Fintech Week 2022 said, “Finance Minister Rishi Sunak has asked the Royal Mint to create and issue the NFT “by the summer,” and more information on it will be available to public soon.”
Glen further added that the government is looking at various aspects of crypto like web3, which will offer a decentralized version of the internet built on blockchain technology.
Further, the UK government plans to create a taskforce to regulate crypto assets in the country, which will be chaired by ministers and host members from U.K. regulators and crypto businesses.
The other initiative includes exploring the application of blockchain technology in issuing debt instruments and “world-leading regime” for regulating trade in other cryptocurrencies, including bitcoin.
Glen concluded by saying, “We think that by making this country a hospitable place for crypto we can attract investment… generate swathes of new jobs… and create a wave of ground-breaking new products and services”.
Image: Wikimedia Commons
About the author
Based in Bengaluru, Priyanka Shetty is freelance writer for Blockchain Asset Review.