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UK Government Plans to Create an NFT
The non-fungible token will represent the government's commitment to crypto technology and investment.
The U.K. government said it plans to issue a non-fungible token (NFT) to signal its commitment to a "forward-looking approach" on cryptocurrency technology and investment.
- Chancellor of the Exchequer Rishi Sunak asked the Royal Mint, the producer of British coins, to make an NFT in coming months, John Glen, minister and economic secretary to the Treasury, said at the Innovate Finance Global Summit on Monday.
- This will be an "emblem of the forward-looking approach we are determined to take," Glen said.
- The announcement also included the government's vision for stablecoins and distributed ledger technologies as part of its strategy for the U.K. financial services industry.
Chancellor @RishiSunak has asked @RoyalMintUK to create an NFT to be issued by the summer.
— HM Treasury (@hmtreasury) April 4, 2022
This decision shows the the forward-looking approach we are determined to take towards cryptoassets in the UK. pic.twitter.com/cd0tiailBK
STORY CONTINUES BELOW
Read more: UK Aims to Become Global Crypto Hub, Says Exchequer
Camomile Shumba
Camomile Shumba is a CoinDesk regulatory reporter based in the UK. Previously, Shumba interned at Business Insider and Bloomberg. Camomile has featured in Harpers Bazaar, Red, the BBC, Black Ballad, Journalism.co.uk, Cryptopolitan.com and South West Londoner.
Shumba studied politics, philosophy and economics as a combined degree at the University of East Anglia before doing a postgraduate degree in multimedia journalism. While she did her undergraduate degree she had an award-winning radio show on making a difference. She does not currently hold value in any digital currencies or projects.
