The British government scraps its "NFT for Britain" plan.

The British government scraps its “NFT for Britain” plan.

News, NFT news

The UK has decided against establishing a government-backed “NFT for Britain,” as advocated by pro-crypto Prime Minister Rishi Sunak. Sunak urged the Royal Mint to develop the NFT in April 2022 to strengthen the UK’s reputation in the global crypto-asset technology and investment market.

When asked by the chair of the Treasury Select Committee if there were any plans for the Royal Mint to release a nonfungible token on March 27th, Andrew Griffith, the Economic Secretary of the Treasury, stated that the Royal Mint is not currently moving forward with the launch of an NFT but will continue to monitor the proposal while working alongside HM Treasury.

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Harriet Baldwin, the chair of the Treasury Select Committee, raised a query in Parliament about the Royal Mint’s plans to launch an NFT. She claimed that the Royal Mint may have decided not to proceed due to these issues, as well as Treasury guidelines.

The idea of “NFT for Britain” lacks specificity, as there is no clear explanation from the Royal Mint or the Treasury about the purpose and how they would function.

Compiled by Coinbold