United Kingdom’s Royal Mint to launch NFT in 2022
Chancellor Rishi Sunak is to launch a non-fungible token (NFT) – a type of cryptocurrency asset – through the Royal Mint as part of a drive to make the UK a “global crypto-asset hub”.
The United Kingdom’s treasury minister has tasked the Royal Mint with creating an NFT as “an emblem of the forward-looking approach” Her Majesty’s Treasury says it’ll take toward cryptocurrencies and blockchains. The project was announced in a speech by John Glen, the Economic Secretary to the Treasury, who said at a summit that more details on the mint’s mint would be coming “very soon.”
“This decision shows the forward-looking approach we are determined to take towards crypto assets in the UK,” the Her Majesty Treasury said on Twitter, posting a picture of the royal coat of arms on a blue background.
About Royal Mint NFTs Launch
Mr. Sunak on behalf of Royal Mint said: “It’s my ambition to make the UK a global hub for crypto-asset technology, and the measures we’ve outlined today will help to ensure firms can invest, innovate and scale up in this country.
“We want to see the businesses of tomorrow – and the jobs they create – here in the UK, and by regulating effectively we can give them the confidence they need to think and invest long-term.
“This is part of our plan to ensure the UK financial services industry is always at the forefront of technology and innovation.”
The Treasury’s announcement did not specify what image or object the Royal Mint’s NFT would confer ownership of, whether more would be created, nor whether NFTs would be used to generate funds for the exchequer.
As for the treasury’s crypto project, it’s hard to know what to expect. Will it be a collectible that crypto enthusiasts across the UK will want to have in their wallets? Or will it just be a single NFT (the announcement tweet somewhat implies that there’ll be only one) stored on a hardware wallet locked up in Buckingham Palace or the Tower of London?