The United Kingdom has decided not to proceed with the government-backed non-fungible token (NFT) that was intended to improve the country’s approach to crypto assets. Andrew Griffith, the Economic Secretary of the Treasury, informed Parliament that the Royal Mint, which was assigned to create the NFT, will not continue with the plan but will monitor the proposal.
HM Treasury Cancels NFT Plans
In April 2022, the UK’s Prime Minister and former Chancellor of the Exchequer, Rishi Sunak, directed the Royal Mint to produce the NFT, which was set to be released by the summer of that year. The Royal Mint is the official supplier of the UK’s coins and is a limited company wholly owned by His Majesty’s Treasury, the country’s oldest firm.
The NFT launch was part of the ministry’s “forward-looking approach” to crypto, assisting in its efforts to establish the UK as a global hub for digital asset investment and technology. However, The Royal Mint experienced setbacks and could not meet the release deadline.
Griffith stated that the Royal Mint was not pursuing the launch of a Non-Fungible-Token at this time and would keep the proposal under review. This was in response to a question posed by Chair of the Treasury Select Committee Harriet Baldwin to Parliament about the NFT issuance being part of Sunak’s policy.
“In consultation with HM Treasury, the Royal Mint is not proceeding with the launch of a Non-Fungible Token at this time but will keep this proposal under review,” Griffith said.
Constituents Could Lose all Their Money: Baldwin
Moreover, Baldwin, according to a BBC report, argued that the “NFT for Britain” initiative could result in UK constituents losing all of their money due to the speculative nature of such tokens.
“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,” she said.