Royal Mint’s shocking decision to scrap NFT launch deals huge blow to UK’s crypto innovation drive

The UK Treasury has abandoned plans to launch a non-fungible token (NFT) as part of a wider effort to position the country as one. Leading Center for Cryptocurrency InnovationAccording to a report.

The initiative, proposed by the then Chancellor of the Exchequer and current Prime Minister Rishi Sunak, was unveiled by the Royal Mint, The Block, in the spring of 2022. informed of,

At the time, the British government was also working to bring the stablecoin within a regulatory framework for use as a recognized form of payment.

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However, in a written answer to questions posted on the UK Parliament website on Monday, Treasury Minister Andrew Griffith confirmed that the Royal Mint “is not proceeding with the launch of a non-fungible token at this time, but will review the proposal”. shall be subject to.”

The decision represents a blow to the UK’s efforts to strengthen its position as a crypto-friendly destination.

The country had been exploring various ways to attract crypto-related businesses and talent in recent years, and the introduction of NFTs by the Royal Mint was seen as a potential catalyst for further growth in the sector.

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