digital currencies | UK cancels launch of national NFT pool

A year ago, the UK decided to become the “global crypto-asset hub”. The project, promoted by current Prime Minister Rishi Sunak, is to celebrate the British Treasury, which has decided to celebrate the launch of the Kingdom’s NFT pool. However, the plan was announced to be postponed.

The UK Treasury has canceled plans to launch a non-fungible token. It was part of a broader effort to make the country a more attractive hub for innovation cryptocurrency.

Andrew Griffiths ends controversy over when the British Royal NFT will launch and Baldwin talks reasons for cancellation

The move, initially proposed by the Chancellor of the Exchequer and current Prime Minister Rishi Sunak, was announced in spring 2022 by the UK Royal Mint. As such, the British government was also taking steps to regulate stablecoins.

The United Kingdom is the first country to launch its own official national NFT pool. In addition, the British government was also taking steps to regulate the use of so-called Digital currencies Stable as a recognized payment method.

However, it now appears that the intent to turn the nation into a center has faded, or at least non-fungible tokens will not be created to celebrate this achievement. in Written response To questions posted on the British Parliament’s website, Chancellor of the Exchequer Andrew Griffith said the Royal Mint “will not be launching its non-fungible token at this time.” But it will keep this proposal under review.

The reasons for abandoning this project are still unknown. Especially since the owner of this project is the current Prime Minister of the Kingdom. Although the icons are not replaceable NFTs Issued by the Royal Mint will not pay off. However, the intention of wanting to turn the UK into a global hub for crypto assets has not yet been publicly rejected.

Regarding the reasons why NFT plans came to an abrupt halt. UK Treasury Committee Chair Harriet Baldwin referred to the economic uncertainty in the sector cryptocurrency. Baldwin also believes that the economic environment played a major role in stopping the launch of the NFT pool.

“We haven’t yet seen much evidence that our constituents should put their money into these speculative tokens, unless they are willing to lose all their money.”

Harriet Baldwin, Chair of the UK Treasury Committee.

The decision comes at a time when some countries are beginning to align with NFT technologies. Like Japan, which announced, last October, plans to invest in its digital transformation through NFTs Metaverse Services. Then China also followed suit in January by launching a digital asset and digital asset market despite the country’s strict crypto regulations.