- The original target for the project’s debut was the summer of 2022.
- Chancellor of the Exchequer Sunak requested the NFT collection in April 2022.
Plans to introduce a government-backed “NFT for Britain.” As planned by crypto-friendly Prime Minister Rishi Sunak, have been scrapped in the United Kingdom.
As part of the government’s aim to make the UK a worldwide hub for crypto-asset technology and investment. Chancellor of the Exchequer Sunak requested in April 2022 that the Royal Mint develop an “NFT for Britain.”
Proposal Under Review
The original target for the project’s debut was the summer of 2022. But that goal will now likely not be reached. On March 27, Economic Secretary of the Treasury Andrew Griffith responded to a question from the head of the Treasury Select Committee on whether or not the Royal Mint still intended to create a non-fungible token.
“In consultation with HM Treasury, the Royal Mint is not proceeding with the launch of a Non-Fungible Token at this time but will keep this proposal under review.”
Moreover, the Royal Mint and the Treasury haven’t specified what the NFTs would do and how they would be used. The NFT concept for Britain ultimately appears to be quite nebulous.
Furthermore, opponents of the idea, such as Labor MP and Shadow Chancellor Rachel Reeves, questioned Sunak’s priorities at the time of the first announcement, when it was merely said that further information will be published “soon.”
The Treasury is attempting to establish guidelines for the cryptocurrency sector, and it had intended to join the NFT sector as part of a larger effort to position the United Kingdom as a center for digital payment businesses.