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.

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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.

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Agne Cimermanaite

Agne is a journalist and writer with a background in literature, culture, and arts. She entered the Web3 space in 2021 and began writing about cryptocurrency and NFTs. Agne is passionate about technology and storytelling and is always on the lookout for exciting stories.

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