• The Royal Mint is to launch its own NFT later this year
• Great Britain follows the development of Web3
Britain wants to become a crypto pioneer
On April 4, the UK government announced that it would create its own non-fungible token (NFT). This is apparently part of the UK’s plans to become a “world leader” in cryptocurrency. Speaking at the Innovate Finance Global Summit in London, Secretary of State John Glen said the island nation’s NFT initiative was part of a wider government effort to pave the way for cryptocurrencies.
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He also announced a number of additional steps the UK would take to subject digital assets to greater regulatory scrutiny. These include adding stablecoins to the existing UK electronic payments regulations, creating a Ministerial Engagement Group on Crypto-Assets which will include members from UK regulators and crypto companies, and examination of the applicability of blockchain technology in the issuance of debt securities.
“We shouldn’t think of regulation as something static, rigid. Instead, we should think in terms of regulatory ‘code’ – like computer code – that we refine and rewrite as needed,” said said Glen. In general, the UK is set to become a global center – “the best place in the world to start and grow crypto businesses”.
Royal Mint is set to release its own NFT this summer
A tweet from the UK Treasury revealed that Treasury Secretary Rishi Sunak had asked the Royal Mint to prepare and publish its own NFT by summer this year. The Royal Mint is a state-owned company responsible for minting coins for the UK.
Chancellor @RishiSunak asked @RoyalMintUK to create an NFT that will be released by the summer.
This decision shows the forward-looking approach we are determined to take towards crypto-assets in the UK. pic.twitter.com/cd0tiailBK
– Her Majesty’s Treasury (@hmtreasury) April 4, 2022
Web3: Next evolution of the Internet?
Glen also addressed Web3 at the fintech event. “Nobody knows for sure yet what Web3 will look like. But it is very likely that blockchain will be an integral part of this evolution…with a more decentralized, open and user-controlled ecosystem,” said the secretary of State. However, it is clear that the UK wants to play a pioneering role in this development and will exploit the greatest economic opportunities.
E. Schmal/Writing finanzen.net
Image sources: archy13 / Shutterstock.com, Schroders