UK Government Plans to Launch its own NFT to Become a “Global Hub for Cryptoasset Technology”
United Kingdom aims to be the leader in crypto – the government announced plans to mint its own NFT and recognize stablecoins as a valid form of payment.
The minister of finance, Rishi Sunak, requested Royal Mint – the 1,136 years old UK government’s coin producer – to create and release the national NFT by this summer.
At the moment, the Treasury’s announcement did not detail what type of NFT they plan to issue and what proof of ownership the digital asset would represent.
Ukraine is perhaps the latest country that began minting NFTs, intending to fund its military forces and support citizens in the besieged nation. The purpose of the UK to implement crypto assets in its financial system should be significantly different.
The UK wants to ensure its financial services sector is at the top in technology, as it opens up more investment and job opportunities. The country also seeks to legalize and regulate stablecoins to provide citizens “a more efficient means of payment and widen consumer choice.”
“By recognising the potential of this technology and regulating it, we can ensure financial stability and provide wider consumer payment choice,” Sunak tweeted on Monday.
Read related posts:
- Alleged scammer gives smart contract keys back to CryptoPhunks community
- During Covid-19 lockdowns, Shanghai residents turn to NFTs
- UST Stablecoin loses dollar peg as companion token Luna sees huge drop in market cap
Disclaimer
In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.
About The Author
Agne is a journalist who covers the latest trends and developments in the metaverse, AI, and Web3 industries for the Metaverse Post. Her passion for storytelling has led her to conduct numerous interviews with experts in these fields, always seeking to uncover exciting and engaging stories. Agne holds a Bachelor’s degree in literature and has an extensive background in writing about a wide range of topics including travel, art, and culture. She has also volunteered as an editor for the animal rights organization, where she helped raise awareness about animal welfare issues. Contact her on [email protected].
More articles
Agne is a journalist who covers the latest trends and developments in the metaverse, AI, and Web3 industries for the Metaverse Post. Her passion for storytelling has led her to conduct numerous interviews with experts in these fields, always seeking to uncover exciting and engaging stories. Agne holds a Bachelor’s degree in literature and has an extensive background in writing about a wide range of topics including travel, art, and culture. She has also volunteered as an editor for the animal rights organization, where she helped raise awareness about animal welfare issues. Contact her on [email protected].
