UK Treasury Drops Plans for Government-backed NFT Created by the Royal Mint
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The UK Treasury has canceled plans to launch a government-backed NFT.
The NFT plan was initially proposed by UK Prime Minister Rishi Sunak last April.
UK economic secretary Andrew Griffith said on Monday that the Royal Mint is not proceeding with the NFT launch “at this time.”
The UK Treasury has scrapped its plans to launch a government-backed NFT issued by the Royal Mint.
UK Prime Minister Rishi Sunak initially announced plans for the NFT in April 2022 when he was chancellor, to demonstrate the government’s “forward-looking approach towards cryptoassets” in the country. The NFT release was supposed to take place by summer that year, but faced delays.
On Monday, the UK’s economic secretary Andrew Griffith said in a statement that “the Royal Mint is not proceeding with the launch of a Non-Fungible Token at this time but will keep this proposal under review.”
According to the BBC, Harriet Baldwin, chair of the Treasury Select Committee, said in response to the announcement: “We have not yet seen a lot of evidence that our constituents should be putting their money in these speculative tokens unless they are prepared to lose all their money. So perhaps that is why the Royal Mint has made this decision in conjunction with the Treasury.”
This point was further reinforced by a consultation outcome updated on Mar 27, regarding a proposal to bring certain qualifying cryptoassets into the scope of the Financial Services and Markets Act. The report states: “There are no consumer protections for those who buy most cryptoasset and non-fungible tokens (NFTs), and they are not protected under the Financial Services Compensation Scheme (FSCS).”
In January, the UK National Crime Agency posted a job ad in its “civil service” jobs portal seeking a cryptocurrency investigator. The initial team will comprise five officers based within the existing National Cyber Crime Unit (NCCU), and will support investigations that require specialist cryptocurrency experience.
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