UK Treasury Shelves Plans To Launch An “NFT For Britain”
According to reports, the UK government has put on hold the proposal to launch a government-supported “NFT for Britain.” Rishi Sunak, the country’s Prime Minister, suggested the plan last year.
Treasury To Keep The Proposal Under Review
Sunak served as the Chancellor of the Exchequer before becoming Prime Minister. This is similar to the position of a chief financial minister.
During his tenure last April, he asked Britain’s currency producer, the Royal Mint, to mint an “NFT for Britain.” This move was among the government’s ambitions to establish the UK as a global center for crypto technology and attract investors.
“The Chancellor, Rishi Sunak, has requested the Royal Mint UK to develop an NFT which will be launched in the summer. This decision is a testament to our strong commitment to adopting a progressive approach towards crypto assets in the UK,” @hmtreasury tweeted on April 4th, 2022.
According to the schedule, the project would have been unveiled last summer. However, the Royal Mint could not meet the deadline.
During a hearing on Monday, the committee chairman on Treasury matters inquired whether there was still a plan for the Royal Mint to release an NFT. In response, Andrew Griffith, the Economic Secretary of the Treasury, stated:
“After consulting with HM Treasury, the British Royal Mint has decided not to proceed with an NFT launch at present. However, they will continue to review this proposal.”
Crypto Assets Are Speculative – Baldwin
Meanwhile, Harriet Baldwin, chairman of the Treasury Select Committee who raised the question in Parliament, was quoted in another report over the weekend as saying:
“Until now, there isn’t enough proof to invest funds in these speculative tokens.”
Furthermore, she said the assets’ speculative nature could be why the UK Treasury and the Royal Mint have decided to shelve its NFT plan. The idea of an NFT for Britain lacks clarity, as the Royal Mint and the Treasury have not provided any specifics on the functionality and usage of the NFTs.
During the initial announcement, it was only mentioned that further details would be disclosed soon. Meanwhile, Rachel Reeves, the Shadow Chancellor, and Labor MP, who opposed the proposal, raised questions about Sunak’s priorities.
Reeves had earlier criticized Sunak for pursuing the wrong “things” while the cost of living in the UK kept going high. “It is hopeless,” she added.
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