United Kingdom develops NFT

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The UK plans to release its own NFT this year and is also working on a stable cryptocurrency implementation.

The craze around NFT and cryptocurrencies doesn’t seem to be going away yet. The UK announced plans yesterday that underscore its interest in blockchain technology. John Glen, UK Economic Secretary to the Treasury, announced this yesterday in speechthe one by Reuters picked up. There he spoke on behalf of the Chancellor of the Treasury Richi Sunak. With this plan, they want to focus more on innovative technology and incorporate it into the current UK financial structure.

One of the steps in its implementation involves the production of NFT. It will be issued by the Royal Mint itself. It is currently unclear what exactly is required by NFT. According to Glen, it will be released in the summer of 2022.

“If crypto technology is to be a big part of our future, then we – the UK – want to get into it, and at the very bottom,” said John Glen in his speech. “In fact, if we commit now… If we act now… Then we can lead.”

Apart from that, the government also wants to roll out the necessary laws for crypto coins. He hereby wants to adopt so-called ‘stablecoins’, crypto coins with a somewhat fixed value, as a legal form of payment. It’s not announced which one this is. Other cryptos will also accept some form of regulation. It will be supported by the Cryptoasset Engagement Group, an organization made up of the Financial Conduct Authority, the Bank of England and several companies.

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Rebecca Burke

"Coffee trailblazer. Analyst. General music geek. Bacon maven. Devoted organizer. Incurable internet ninja. Entrepreneur."

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