UK government refuses to issue its own NFTs

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

Economy Minister Andrew GriffithGriffith said 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 haven't seen enough evidencethat our constituents should invest their money in speculative tokens unless they are willing to risk losing all their money. That is why the Royal Mint, together with the Ministry of Finance, made this decision,” said Harriet Balwin, chairman of the special committee at the Treasury.

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

“Common sense has finally forced the out-of-touch“The reality is that the government can focus on the cost of living crisis without wasting time and taxpayers’ money on a vanity NFT project and promoting dubious stablecoins,” said Tulip Siddiq, a representative of the UK’s shadow cabinet, indignantly.

The politician explained that for almost 12 monthsIn the years since the Royal Mint NFT project was announced, 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, or what blockchain infrastructure it will be built on.

Previously, a number of Conservative politicians, including former Chancellor of the Exchequer Philip Hammond, have repeatedly called
The UK government will introduce laws that would allow the country to become a global hub for crypto assets, arguing that this would provide a competitive advantage after leaving the EU.