Government plans to make an NFT – “the UK is open for business – open for cryptobusiness”

The Treasury made an announcement on Monday 4 April, via their Twitter account, that Royal Mint - the government-owned company responsible for minting coins in the UK - will be creating an NFT to be issued this summer. Rishi Sunak described this as his "ambition" to "make the UK a global hub for cryptoasset technology".

It is not yet clear what the NFT will be, or how the NFT will operate or be marketed, but the Treasury's plan to keep the UK at the forefront of technology is clear. The NFT initiative is part of a broader Treasury package looking to lead the UK into global cryptocurrency leadership.

The Economic Secretary, John Glen, explained that there is still a division of opinion regarding whether crypto will revolutionise the financial system or whether it just offers a wider scope for fraud and illegal activity. Glen confirmed that the Treasury is looking to establish a cryptocurrency regulatory regime where the laws and regulations governing the space would be actively updated, in order to keep up with crypto technology and its applications.

Glen concluded, "If there is one message I want you to leave here today with, it is that the UK is open for business - open for cryptobusiness".

Find further details of the Treasury's package of measures at the government website.