- UK Prime Minister Rishi Sunak, whereas in workplace because the Chancellor of the Exchequer in April, requested the Royal Mint to create a government-backed NFT.
The Royal Mint, the UK’s official coin maker, has confirmed plans for a government-backed non-fungible token (NFT) stay in place, in line with a Monetary Information report printed on Tuesday.
Per the publication, officers on the Royal Mint confirmed the NFT plan was on target regardless of challenges such because the bear market crash that hit cryptocurrencies and the exit of a number of outstanding figures on the HM Treasury.
The Royal Mint’s assertion was in response to a Freedom of Info Act request, the FN report acknowledged.
UK prime minister is ‘crypto-friendy’
In April this yr, then Chancellor of the Exchequer Rishi Sunak requested the Royal Mint to work on a UK-backed NFT, with plans to problem the token by summer time. The announcement was a part of a broader push to make the UK a ‘crypto hub’, with a number of crypto-friendly officers on the Treasury and in parliament serving to to advance the agenda.
However Sunak was amongst top-level authorities officers to stop in July this yr as former Prime Minister Boris Johnson’s authorities crumbled.
It appeared the then Finance Minister’s resignation had thrown a spanner into the NFT works, however issues have taken a pointy flip and Sunak is now the UK prime minister.
Business observers say the entry of a crypto-friendly determine at 10 Downing Road could possibly be a giant win for crypto within the nation.
NFTs are set to bounce after the lull occasioned by the crypto bear market, and as Galaxy Digital not too long ago highlighted, creators earned over $1.8 billion in royalties from Ethereum-based NFTs.
As CoinJournal reported in July, even the English FA rolled out plans for its personal NFT launch, amid broader adoption of the expertise throughout the globe.