UK Government Drops Plan to Launch NFT With Royal Mint – Harriet Baldwin, chair of the House of Commons Treasury Select Committee and a member of the NATO Parliamentary Assembly, asked the Chancellor of the Exchequer “whether it remains the policy of his department that the Royal Mint issue a non-fungible token.”
The Royal Mint, wholly owned by His Majesty’s Treasury, is the official mint of the United Kingdom and the manufacturer of British coins. In response to Baldwin’s question on Monday, Economic Secretary to the Treasury Andrew Griffith 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.”
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In April of last year, while acting as Chancellor of the Exchequer, the current prime minister, Rishi Sunak, requested the Royal Mint to produce a “NFT for Britain.” His goal was to make the United Kingdom a “global powerhouse for crypto-asset technology and investment.”
Baldwin commented on the cancellation of the government’s NFT project: “We have not yet seen a lot of evidence that our constituents should be putting their money in these speculative tokens unless they are prepared to lose all their money. So perhaps that is why the Royal Mint has made this decision in conjunction with the Treasury.”
Parliament Member Tulip Siddiq welcomed the decision to drop the NFT project. “I’m glad that the Royal Mint has finally made the Conservatives see sense, but we’ve been calling on the Chancellor to drop this crypto gimmick for months,” she detailed. Emphasizing: “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.”
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