UK Government Abandons the NFT Plan with Royal Mint

The British government said it has abandoned the plan to launch non-fungible token (NFT).

On Monday, Harriett Baldwin, Harriett Baldwin, chair of the House of Commons Treasury Select Committee and a member of the NATO Parliamentary Assembly, asked Andrew Griffith, Economic Secretary to the Treasury, about the Royal Mint's plans for a non-fungible token (NFT). Griffiths replied, "In consultation with HM Treasury, the Royal Mint is not proceeding with the launch of a non-fungible token at this time but will keep this proposal under review."

The current UK Prime Minister, Rishi Sunak, supported cryptocurrencies and the UK government's NFT plan during his tenure as Chancellor of the Exchequer last April. At the time, the UK was determined to become a technology and investment hub for crypto assets. But since then, cryptocurrency's prices have plummeted, several crypto exchanges and cryptocurrency-focused banks have collapsed, and U.S. regulators are continuing to step up their investigations into the crypto industry, causing a shift in the UK Treasury's view of the sector.

Parliament Member Tulip Siddiq welcomed the decision to abandon the NFT plan, saying, "This out-of-touch government should be focused on the cost of living crisis, not wasting time and taxpayers' money on an NFT vanity project and promoting dodgy stablecoins. "