On Monday, April 4, the government of Britain announced its plan to launch its own non-fungible token (NFT). As the country desires to become a world leader in the crypto space.
UK’s Finance Minister, Rishi Sunak has asked the government-owned company that mints currency for the country, Royal Mint to create an NFT. The digital token is expected to be launched by the summer of this year.
City Minister, John Glenn said that “this initiative is just an initial start for making Britain a world leader in the cryptocurrency space.” Adding to the rules to regulate the cryptocurrency the minister said that “we shouldn’t be thinking of regulation as a static, rigid thing. Instead, we should be thinking in terms of regulatory ‘code’ like computer code which we refine and rewrite when we need to.”
Recently UK’s Financial Conduct Authority has shut operations of many crypto firms citing “financial crime red flags.” The step to launch NFT by the UK govt can give a major boost to the wavering crypto industry.
