The UK wants to be “a global hub for cryptoasset technology and investment.”
HM TreasuryThe UK government is the latest to join the the NFT craze. The HM Treasury said Monday that Chancellor Rishi Sunak has asked the Royal Mint, the state-owned company responsible for minting coins for the UK, to create an official NFT, or nonfungible token, by this summer.
“This is part of our plan to ensure the UK financial services industry is always at the forefront of technology and innovation,” Sunak said.
The Treasury also laid out plans to regulate stablecoins and recognize them as a valid form of payment. Stablecoins are cryptocurrencies whose values are pegged to existing traditional currencies such as pounds, euros and dollars. These decisions are part of a wider plan to have Britain as “a global hub” of cryptoasset technology, according to a press release.
“We want to see the businesses of tomorrow — and the jobs they create — here in the UK, and by regulating effectively we can give them the confidence they need to think and invest long-term,” Sunak said.
More to come.
