The Treasury has announced that it is determined to create the government-backed non-fungible currency (NFT) to attract cryptocurrency-based businesses into the UK.
Rishi Sunak, along with other ministers, has supported the creation of a UK NFT together with The Royal Mint, a government-owned mint that makes currency for UK and is expected to develop an initial token by the end of this summer, as per the Telegraph.
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A spokesperson from the Treasury stated: “We are firmly committed to putting the UK at the forefront of crypto-asset technology and innovation by capitalising on the freedoms gained by leaving the European Union.”
The UK NFT is expected to become a type of digital artwork that can be collected as well as The Royal Mint increasing its range of collectible items.
The news is amidst discussions about the existence of a “crypto winter” with current questions about the security and value of cryptocurrency.
Emily Wigoder, CEO of Ad Astra, commented”The U.K. Treasury’s determination to pursue the Royal Mint NFT reflects the fundamental reason for the continued enthusiasm for the NFT space , despite the cryptocurrency crash: the utility services that are exciting in NFT technology haven’t been lost.
From to incorporating seasons and time zones into artwork using NFTs and the capability to create art that helps build an identifiable and sociable community The opportunities for galleries, artists, companies, and even governments are endless and waiting for exploration. In the next few months, I think we will see the development of a variety of exciting new projects in the area’ she added.