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The UK Treasury has scrapped its plans to launch a government-backed NFT issued by the Royal Mint.
UK Prime Minister Rishi Sunak initially introduced plans for the NFT in April 2022 when he was chancellor, to reveal the federal government’s “forward-looking method in direction of cryptoassets” within the nation. The NFT launch was purported to happen by summer season that yr, however confronted delays.
On Monday, the UK’s financial secretary Andrew Griffith mentioned in an announcement that “the Royal Mint just isn’t continuing with the launch of a Non-Fungible Token right now however will preserve this proposal beneath evaluation.”
In accordance with the BBC, Harriet Baldwin, chair of the Treasury Choose Committee, mentioned in response to the announcement: “Now we have not but seen quite a lot of proof that our constituents needs to be placing their cash in these speculative tokens until they’re ready to lose all their cash. So maybe that’s the reason the Royal Mint has made this choice at the side of the Treasury.”
This level was additional bolstered by a session end result up to date on Mar 27, relating to a proposal to convey sure qualifying cryptoassets into the scope of the Monetary Providers and Markets Act. The report states: “There are not any shopper protections for many who purchase most cryptoasset and non-fungible tokens (NFTs), and they aren’t protected beneath the Monetary Providers Compensation Scheme (FSCS).”
In January, the UK Nationwide Crime Company posted a job advert in its “civil service” jobs portal searching for a cryptocurrency investigator. The preliminary crew will comprise 5 officers based mostly inside the present Nationwide Cyber Crime Unit (NCCU), and can assist investigations that require specialist cryptocurrency expertise.
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