The UK’s Government NFTs Put on Hold Indefinitely

Plans to introduce government-backed NFTs within the UK have been placed on maintain indefinitely. Simply final yr, the UK authorities toyed with the thought of issuing its personal non-fungible tokens as a part of its crypto plan, however for now, it seems this should wait.

When the announcement was made, the Royal Mint, the establishment liable for printing the nation’s cash, was tasked with the job by the UK Treasury. Initially, the digital tokens had been set to be launched by the summer time of 2022. Nonetheless, a number of delays led to hypothesis as as to if the tokens would ever materialize.

Because it seems, this occurs to be the case. Nonetheless, whereas it could come as a shock to some, those that intently observe blockchain developments are conscious that this isn’t the primary time the UK authorities has expressed its intention to discover this house. The truth is, way back to 2017, the Royal Mint was already contemplating using blockchain tech to trace its gold provide.

What units the UK authorities other than many others is its obvious fascination with the know-how, significantly during times of market pleasure. Nonetheless, this curiosity tends to wane when the market experiences a downturn, revealing an absence of unwavering confidence within the know-how.

Why Has the UK Cancelled Authorities-Backed NFT plan?

Talking to the press following the announcement, Harriet Baldwin, Chair of the Treasury Choose Committee, notes, “We now have not but seen a variety of proof that our constituents ought to be placing their cash in these speculative tokens until they’re ready to lose all their cash.”

She goes on so as to add that “maybe that’s the reason the Royal Mint has made this determination along with the Treasury.”

Nonetheless, as Andrew Griffith, the financial secretary of the UK, put it, the proposal to introduce government-backed NFTs will stay beneath evaluate.

Need extra? Join with NFT Plazas

Be part of the Weekly NewsletterJoin our DiscordFollow us on TwitterLike us on FacebookFollow us on Instagram

*All funding/monetary opinions expressed by NFT Plazas are from the private analysis and expertise of our web site moderators and are meant as instructional materials solely. People are required to completely analysis any product prior to creating any sort of funding.

Basil is an avid fan of blockchain know-how and all its improvements, and he’s keen about sharing this narrative together with his viewers. He has spent over 5 years within the crypto house, specializing in analysis and creating Web3 content material for varied media shops across the globe.