U.K. Government to mint NFT in order to embrace cryptocurrency

The NFT is rumored to be celebrating the United Kingdom's newfound aspirations to reform its attitude to crypto and become a worldwide hub for crypto technology and investment.

The U.K.

Chancellor Rishi Sunak of the United Kingdom has urged the Royal Mint to issue an NFT indicating the government's forward-thinking approach to crypto assets.

The Royal Mint of the United Kingdom is planning to discontinue the NFT

The United Kingdom has stated that it will embrace crypto innovation, beginning with NFTs.

Chancellor Rishi Sunak had tasked the Royal Mint with generating a non-fungible token by the summer, according to Economic Secretary to the Treasury John Glen, who spoke at the Innovate Finance Global Finance Summit.

The NFT, according to Glen, is "an icon of the forward-looking attitude [the government] is determined to pursue," and that additional information would be released soon.

He also stated that the government of the United Kingdom sees "enormous potential in crypto" and wants the country to become a global centre for the business. He stated,

“Never in the history of commerce has there been an invention as hyped and misunderstood as Distributed Ledger Technology and Blockchain. For simplicity’s sake, I’m going to use the catch-all term ‘crypto’ or ‘crypto-technologies.’ But what I mean is the extraordinary, mercurial, underlying technology that makes ‘crypto’ possible… and which we can be pretty sure is going to have profound effects across multiple domains.”

The UK government, according to Glen, has a new, thorough plan in place to establish a flexible and dynamic regulatory structure that benefits everyone.

The first component of that strategy is to integrate some stablecoins into the payment system and establish favorable conditions for stablecoin issuers and service providers to operate and expand in the country.

"We wanted to focus on areas of immediate potential and concern in the crypto world in the first instance," Glen told FinTech industry representatives at the conference. "Hence our work on stablecoins."

The Government's Crypto Plans are outlined by the HM Treasury

The government plans to investigate into regulating stablecoins, according to a statement released by the HM Treasury on Monday, however it did not provide specifics.

"With proper regulation, stablecoins could provide a more efficient way of payment and expand customer choice," according to the statement.

Glen also stated that the government intends to provide a framework for decentralized autonomous organizations' legal standing.

Glen stated that the goal is to enable the United Kingdom stay on the cutting edge of legal innovation, "much as [the United Kingdom] did with limited liability businesses in the nineteenth century," without elaborating on what that framework may entail.