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UK shelves plan to create non-fungible tokens

NFT written on a background with a collage of images and crying emoji on all four sides

Last year, it was announced that the UK was to become a hub of everything crypto. Twelve months on, plans have changed a bit. The government, according to BBC News, is now no longer looking to work with the Royal Mint to develop non-fungible tokens that people would be able to buy.

Following consultations between the Royal Mint and the Treasury, the plan to mint NFTs was put on hold, however, the government said it will keep the proposal under review. Commenting on this latest decision for the plan to be paused, MP Harriet Baldwin, chair for the Treasury Select Committee, said:

“We have not yet seen a lot of evidence that our constituents should be putting their money in these speculative tokens unless they are prepared to lose all their money. So perhaps that is why the Royal Mint has made this decision in conjunction with the Treasury.”

While the NFT plan seems to have fallen through for now, the government is still looking to regulate some cryptocurrencies so they can become more trusted and adopted on a wider scale by businesses and people in general. No specific reason has been given for the dropping of the NFT plan but maybe it was thought it wouldn’t be very successful given the worsening economic conditions in the UK.

Source: BBC News

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