The United Kingdom backs off with its NFT project

The British governmentwhich had announced in 2022 its intention to issue its own NFT, abandons finally theideafor the moment.

Almost a year ago, in April 2022, the United Kingdom announced that it was working on regulations to make the country a prime location for crypto.

Wishing to join the word with the acts, the British authorities teased the next emission of a NFT known as “official” because stamped of the seal of the British royal currency.

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Water has since flowed under the bridge. Several giants, such as Terraform and FTX, have collapsed, calling into question the crypto ambitions of many countries around the world, including the United Kingdomand increasing regulatory pressure around this new asset class.

On Monday, the British Treasury announced that it was abandoning its NFT plans following a consultation with the Royal Mintreports the BBC.

We have not yet seen much evidence that our constituents should put their money into these speculative tokens unless they are prepared to lose all their money. Perhaps that’s why the Royal Mint has made this decision in conjunction with the Treasury,” said Harriet Baldwin, chair of the Treasury Select Committee.

Treasury economic secretary Andrew Griffiths, however, said the department would keep the proposal under wraps.

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The British government now wishes to move towards fairly strict regulation of the cryptocurrency. Goal: to become a “safe jurisdiction” and not a “hub” as announced last year.

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