UK Government To Release Its Own NFT in Bid To Embrace Crypto Technology

UK Government To Release Its Own NFT in Bid To Embrace Crypto Technology

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The UK government is experimenting with digital collectibles as it strives to turn its economy into a global crypto asset hub.

In a speech delivered at the Innovate Finance Global Summit, the UK’s economic secretary to the treasury John Glen says that the nation’s coin supplier has been instructed to create a non-fungible token (NFT).

“The Chancellor has asked the Royal Mint to create a non-fungible token – an NFT… to be issued by the Summer, an emblem of the forward-looking approach we are determined to take.”

According to Glen, the UK’s goal is to embrace blockchain technology early in order to get a head start.

“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.

In fact, if we commit now… we can lead the way.”

Glen says that having a crypto-friendly environment will generate employment opportunities and accelerate innovation.

“We think that by making this country a hospitable place for crypto, we can attract investment… generate swathes of new jobs… and create a wave of ground-breaking new products and services.”

Glen also notes that the UK will adopt a proactive approach in regard to cryptocurrency regulations.

“That’s why, in this country, we’ve already said that we’ll seek to protect consumers by legislating to bring certain crypto assets into the scope of financial promotions regulation… and it’s essential that investors understand the risks they are taking.

And, as the Bank of England’s Financial Policy Committee recently noted, we’re also mindful that as crypto technologies grow and become more interconnected with the core financial system we’ll need to ensure that regulators have the right tools to manage the associated risks.

We’re aware too that crypto assets have proven attractive to criminals and hostile states. Which is why we’ve taken proactive steps to prevent their misuse.”

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Featured Image: Shutterstock/Mykola Holyutyak/Natalia Siiatovskaia

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