UK government cancels plans to launch NFT

The UK's Treasury canceled plans to launch a non-fungible token that were part of a broader bid to make the nation a more appealing hub for crypto innovation. 

The move — initially proposed by then Chancellor of the Exchequer and current prime minister Rishi Sunak — was announced in the spring of 2022 by the UK's Royal Mint. At the time, the British government was also making moves to bring so-called stablecoins within a regulatory framework to be used as a recognized form of payment. 

In a written response to questions posted to the UK parliament's website on Monday, Treasury minister Andrew Griffith said the Royal Mint is "not proceeding with the launch of a Non-Fungible Token at this time but will keep this proposal under review."