The United Kingdom has taken a flexible approach to cryptocurrencies and similar assets. With new plans for the country’s first official NFT, it is reaffirming its commitment.
The NFT obsession isn’t limited to a small group of internet users who regard apes or kittens as having millions of dollars in potential. Several well-known organisations have joined the NFT bandwagon or plan to do so in the near future.
Moreover, her Majesty’s Treasury, the United Kingdom government’s economic and financial ministry, is the most recent example.
The goal is to create the United Kingdom’s first-ever official NFT.
Meanwhile, Her Majesty’s Treasury has charged The Royal Mint, the United Kingdom government’s department in charge of minting the country’s currency, with developing the NFT by the summer of this year.
The statement was made via the official account of Her Majesty’s Treasury in a tweet. The Chancellor of the Exchequer (Her Majesty’s Treasury), Rishi Sunak, has handed over responsibility for NFT manufacture to the Royal Mint, according to the tweet.
However, the tweet does not provide much additional information, it does state that the NFT will be released “by the summer.”
The country’s approach to crypto-assets is the most important takeaway from the news.
Meanwhile, the United Kingdom has long been a proponent of cryptocurrencies and similar assets, even enacting legislation to regulate the burgeoning industry.
Further, NFTs have long been an important element of the crypto and blockchain worlds, and the country’s focus on them shows that it is ready to absorb not only cryptocurrencies but also associated technology.
NFT is an indicator of the United Kingdom’s acceptance of crypto assets
The move “shows the forward-looking approach we are determined to take towards crypto assets in the UK,” according to the tweet.
On these bases, the United Kingdom government is taking steps to stimulate financial innovation. It has included bitcoin companies and established some guidelines for how they should operate.
Moreover, the United Kingdom government’s earlier decision to lay down new mandates for the promotion of crypto investments in the country tried this “innovation of the crypto-asset market.”
Rather than outright prohibiting cryptocurrency trading, as some other nations have done, the United Kingdom has chosen to regulate it.
It also helps to alleviate another growing concern. According to research conducted last year, while the number of bitcoin investors is increasing, awareness of the cryptocurrency is decreasing.
Currently, roughly 2.3 million people in the United Kingdom are thought to own a crypto asset, a figure that is continuously rising. The UK government warns that due to the widespread confusion, these crypto-assets “could be mis-sold.” The FCA’s research also revealed the potential for consumer harm.