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."
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