UK government to issue its own NFT

The creation of the token should be the country’s first step to “lead the way” in the cryptocurrency market

07.04.2022 - 13:00

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What’s new? UK Finance Minister Rishi Sunak has asked the Royal Mint to create and issue its own NFT by the summer of 2022. This was stated by the representative of the Finance Ministry John Glen, who added that the UK’s goal is to adopt blockchain technology early in order to “lead the way” in the cryptocurrency market, CNBC reports.

CNBC’s material

What else did the Ministry of Finance say? Glen announced a number of steps the UK will take to tighten controls on digital assets. According to his announcement, the country will begin to regulate stablecoins under electronic payments rules. The government will also finalize the law on taxation, which will include the staking of cryptocurrencies.

What had happened before? The UK’s regulator issued new guidance for advertising cryptocurrencies. The new document requires advertisers to mention the high risks associated with investing in digital assets. Also, the Bank of England Financial Policy Committee requested additional powers from the government to strengthen oversight and regulation of cryptocurrencies.

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