The UK Authorities Pulls Plug on NFT Undertaking by Royal Mint

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Fast take:

The UK authorities has pulled the plug on an NFT by the Royal Mint.
The announcement comes regardless of the notion the present PM Rishi Sunak is pro-crypto.
The federal government introduced plans to provide an NFT on the market a couple of 12 months in the past, earlier than the crypto winter.

The UK Authorities has determined to finish the manufacturing of a non-fungible token (NFT) by the Royal Mint. The information has come out nearly a 12 months after present Prime Minister Rishi Sunak, then the Chancellor of the Exchequer requested the Royal Mint to problem an NFT by the summer season of 2022.

On the time, HM Treasury stated the choice “reveals the forward-looking strategy we’re decided to take in the direction of crypto belongings within the UK.” Though these plans appear to be off, for now, they could possibly be nonetheless revived sooner or later.

Responding to a query from the Conservative MP Harriett Baldwin, the Treasury’s financial secretary, Andrew Griffith, confirmed the abandonment, saying: “In session with HM Treasury, the Royal Mint just isn’t continuing with the launch of a non-fungible token right now however will hold this proposal underneath assessment.”

The revelation additionally comes at a time when the worldwide crypto market is experiencing a downturn. Crypto traders had been optimistic about the way forward for cryptocurrencies within the UK when Rishi Sunak took over as PM, however the newest developments recommend issues aren’t simple.

Tulip Siddiq, the shadow Metropolis minister was a kind of who took the information positively, saying: “I’m glad that the Royal Mint has lastly made the Conservatives see sense, however we’ve been calling on the chancellor to drop this crypto gimmick for months.”

“This out-of-touch authorities needs to be centered on the price of dwelling disaster, not losing time and taxpayers’ cash on an NFT vainness mission and selling dodgy stablecoins,” added Siddiq.

The choice to scrap the token mint may additionally have come attributable to an absence of progress, with stories indicating that The Mint had not even produced “a visualisation of what the proposed non-fungible token would appear like,” The Guardian reported.

However the slowdown is also tied to the truth that the mission was launched simply weeks earlier than the beginning of the crypto bear market, which was made worse by the collapse of a few of the high corporations within the business on the time together with the crypto trade platform FTX, crypto hedge fund, Voyager Digital and web3 enterprise capital agency Three Arrows Capital, amongst others.


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