UK Government Shelves Initial Plans to Launch NFT

The UK  government has cancelled plans it had to launch a non-fungible token (NFT) for the country. The country’s treasury cancelled the move which was intended to make the UK more appealing to the crypto industry.

Responding to questions concerning the planned NFT launch on Monday, Treasury minister Andrew Griffith said the Royal Mint is “not proceeding with the launch of a Non-Fungible Token at this time but will keep this proposal under review.”

The NFT Idea

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The former Chancellor of the Exchequer and current prime minister of Britain, Rishi Sunak came up with the idea for the Royal Mint to launch an NFT. This was to make the UK look more welcoming towards the crypto space.

“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,” Sunak said at the time.

The UK government happens to be the first ever to announce plans of launching an NFT for the whole nation. This is in spite of the fact that the UK takes crypto regulation seriously, although not with the same strictness as the US.

Countries Opening Arms to crypto

Although the government has halted plans to launch an NFT for now, the treasury says the case will be “under review.” This means there’s a chance they may launch the NFT at a later date, which shows how countries are starting to accept cryptocurrencies.

Countries like El Salvador are already ahead, having adopted Bitcoin as a national asset.