June 6, 2023

UK government refuses to issue its own NFTs

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UK government refuses to issue its own NFTs

Under pressure from criticism, the UK government abandoned the plans of the Royal Mint to issue non-fungible Royal Mint NFT tokens.

Economics Secretary Andrew Griffithstated at a meeting of the British Parliament that, after consultation with the main treasury, the Royal Mint decided not to issue NFTs and temporarily abandon the project.

We have not seen sufficient evidence thatthat our voters should invest their money in speculative tokens unless they are willing to risk losing all their money. That is why the Royal Mint, in conjunction with the Treasury, has made this decision,” said Harriet Balwin, Chairman of the Select Committee at the Treasury.


According to some parliamentarians, the government was forced to abandon the project under pressure from criticism from the opposition.

“Common sense finally forced the divorced fromreality, the government is focusing on the cost-of-living crisis without wasting taxpayers’ time and money on the vain NFT project and promoting dubious stablecoins,” said Shadow Cabinet spokesman Tulip Siddiq.

The politician explained that in almost 12 months of work,Since the announcement of the Royal Mint NFT project, the Mint has not provided a visualization of the proposed non-fungible token or any technical explanation of how the token will work, what it will offer users, and on what kind of blockchain infrastructure it will be created.

In the past, a number of conservative politicians, including former Treasury Secretary Philip Hammond, have repeatedly called for
the United Kingdom government to pass laws that would allow the country to become a global center for crypto assets, arguing that this will give a competitive advantage after leaving the EU.