UK Treasury Asks Government Coin Issuer To Mint NFT
Chancellor Rishi Sunak has asked government-owned coin issuer the Royal Mint to create the digital asset
Chancellor Rishi Sunak | Source: Pippa Fowles/"Rishi Sunak" (CC license)
key takeaways
- The UK doubled down on its crypto plans Monday with the announcement that an NFT may be minted by this summer
- The country’s finance ministry said it is prioritizing stablecoin regulation in a Monday report
In another effort to become a leader in digital asset technology, the United Kingdom’s Treasury has asked the Royal Mint, the agency responsible for creating British currency, to mint an NFT.
Chancellor Rishi Sunak has asked the government-owned coin issuer to create an NFT (non-fungible token) by this summer, according to a tweet from the Treasury account Monday.
Economic Secretary to the Treasury John Glen addressed the news during his keynote speech at the Innovate Finance Global Summit on Monday.
“I am announcing today that 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…and there will be more details available very soon,” Glen said.
The move comes as the UK’s finance ministry announced its plans to prioritize stablecoin regulation in a report released Monday. The ministry said it will be releasing further regulatory guidelines this year in an effort to protect consumers.
“We want this country to be a global hub — the very best place in the world to start and scale crypto companies,” Glen said. “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.”
Sunak, who was unable to attend the summit, has not yet provided any additional information about the NFT.
Get the news in your inbox. Explore Blockworks newsletters:
- Blockworks Daily: The newsletter that helps thousands of investors understand crypto and the markets, by Byron Gilliam.
- Empire: Start your morning with the top news and analysis to inform your day in crypto.
- Forward Guidance: Reporting and analysis on the growing intersection of crypto and macroeconomics, policy and finance.
- 0xResearch: Alpha directly in your inbox. Market highlights, data, degen trade ideas, governance updates, token performance and more.
- Lightspeed: Built for Solana investors, developers and community members. The latest from one of crypto’s hottest networks.
- The Drop: For crypto collectors and traders, covering apps, games, memes and more.
- Supply Shock: Tracking Bitcoin’s rise from internet plaything worth less than a penny to global phenomenon disrupting money as we know it.
