Plans to introduce government-backed NFTs within the UK have been placed on maintain indefinitely. Simply final 12 months, the UK authorities toyed with the concept of issuing its personal non-fungible tokens as a part of its crypto plan, however for now, it seems this must wait.

When the announcement was made, the Royal Mint, the establishment accountable for printing the nation’s cash, was tasked with the job by the UK Treasury. Initially, the digital tokens have been set to be launched by the summer season of 2022. Nevertheless, a number of delays led to hypothesis as as to whether the tokens would ever materialize.

Because it seems, this occurs to be the case. Nevertheless, whereas it might come as a shock to some, those that carefully comply with blockchain developments are conscious that this isn’t the primary time the UK authorities has expressed its intention to discover this area. In actual fact, way back to 2017, the Royal Mint was already contemplating the usage of blockchain tech to trace its gold provide.

What units the UK authorities other than many others is its obvious fascination with the know-how, significantly in periods of market pleasure. Nevertheless, this curiosity tends to wane when the market experiences a downturn, revealing an absence of unwavering confidence within the know-how.

Why Has the UK Cancelled Authorities-Backed NFT plan?

Talking to the press following the announcement, Harriet Baldwin, Chair of the Treasury Choose Committee, notes, “We’ve not but seen loads of proof that our constituents ought to be placing their cash in these speculative tokens until they’re ready to lose all their cash.”

She goes on so as to add that “maybe that’s the reason the Royal Mint has made this choice along with the Treasury.”

Nevertheless, as Andrew Griffith, the financial secretary of the UK, put it, the proposal to introduce government-backed NFTs will stay underneath evaluate.

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Basil is an avid fan of blockchain know-how and all its improvements, and he’s captivated with sharing this narrative together with his viewers. He has spent over 5 years within the crypto area, specializing in analysis and creating Web3 content material for varied media retailers across the globe.