Britain’s Royal Mint will create a non-fungible token to be issued from June, the country’s Treasury announced overnight.
Finance Minister Rishi Sunak has asked the mint to develop the NFT, as part of the UK’s move into crypto.
“This decision shows the the forward-looking approach we are determined to take towards cryptoassets in the UK,” HM Treasury tweeted.
For the uninformed, NFTs are uniquely-held digital assets which are stored on blockchain technology. The value of NFTs is based on numerous market factors, and is violate due to the lack of regulation, or real world application.
Economic secretary to the Treasury John Glen, acknowledged in a speech that it was still a controversial market.
“If crypto-technologies are going to be a big part of the future, then we – the UK – want to be in, and in on the ground floor,” he said.
“It’s a challenge… and it’s an opportunity… and today I want to tell you how here in the UK we’re going to respond..
“Because we want this country to be a global hub – the very best place in the world to start and scale crypto-companies. If there is one message I want you to leave here today with, it is that the UK is open for business – open for crypto businesses.”
