The Treasury has announced plans to dive into the crypto space with the launch of an official NFT later this year.
John Glen, the economic secretary for the Treasury, today confirmed that the Chancellor has asked the Royal Mint to issue NFTs later this year. The move signals the Treasury’s intention to create a welcoming environment for crypto assets in the UK, Glen said.
“I’m announcing today the chancellor has asked the Royal Mint to create a non-fungible token” announced Glen at the Innovate Finance conference in London today.
“There is a genuine opportunity to build on our strengths in FinTech seize the capitalist energy, which has already made UK financial services what it is, and use it to unleash the potential of crypto technologies,” Glen commented.
“It’s not going to happen overnight… But we think by making this country a hospitable place for crypto, we can attract investment, generates waves of new jobs and create a wave of groundbreaking new products and services,” Glen added.
The Treasury’s decision to launch NFTs is part of a wider package of measures designed to make the UK an international centre for crypto.
“This decision shows the forward-looking approach we are determined to take towards cryptoassets in the UK,” the Treasury confirmed in a tweet.
Rishi Sunak has also confirmed plans to recognise stablecoins, digital assets pegged to the price of real world assets, as a valid form of currency.