UK government cancels plans to launch NFT

Metaverse & NFT • March 28, 2023, 3:14AM EDT
The Block

Quick Take

  • The UK’s Royal Mint is no longer eyeing the launch of an NFT. 
  • The move was original proposed by current prime minister Rishi Sunak in 2022. 

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. 

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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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Frank Chaparro is Host of The Scoop podcast and Director of Special Projects. He also writes a biweekly newsletter. Chaparro started his career at Business Insider, where he specialized in the intersection of digital assets and Wall Street, market structure, and financial technology. Soon after joining Business Insider out of Fordham University, Chaparro was interviewing top finance and tech executives, including billionaire Mark Cuban, “Flash Boys” star Brad Katsuyama, Cboe Global Markets CEO Ed Tilly, and New York Stock Exchange President Tom Farley. In 2018, he become a sought after reporter in the crypto world, interviewing luminaries such as Tyler Winklevoss, the cofounder of Gemini, Jeremy Allaire, the CEO of Circle, and Fundstrat head Tom Lee. For inquiries or tips, email [email protected].

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