UK Treasury Cancels Plans for NFT Issued by Royal Mint

The UK Treasury has discontinued its plans for a government-backed NFT that was supposed to be handled by the Royal Mint.

Originally, Prime Minister Rishi Sunak announced this NFT project in April 2022 when he was chancellor, as part of the government's strategy to adopt a proactive stance on cryptoassets in the UK. The NFT was initially slated for release by that summer, but delays ensued.

On Monday, economic secretary Andrew Griffith mentioned that 'the Royal Mint isn't moving ahead with the Non-Fungible Token launch at this moment but will keep the proposal under evaluation.' said in a statement According to BBC reports, Harriet Baldwin, chair of the Treasury Select Committee, commented on the announcement saying, 'We have yet to see substantial evidence that our constituents should invest in these speculative tokens unless they are ready to risk losing their full investment. Perhaps this is the reason behind the Royal Mint's decision in partnership with the Treasury.'

This sentiment was further emphasized by a

report dated March 27, which discussed a proposal to incorporate specific qualifying cryptoassets under the Financial Services and Markets Act. The document highlighted: 'Most individuals purchasing cryptoassets, including NFTs, lack consumer protection, and these assets are not safeguarded by the Financial Services Compensation Scheme (FSCS).' consultation outcome Earlier this year, the UK National Crime Agency posted a vacancy for a cryptocurrency investigator on its 'civil service' jobs portal. The team will initially consist of five officers from the existing National Cyber Crime Unit (NCCU) to assist with investigations needing specialized knowledge in cryptocurrency.

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• Cindy is a journalist at Metaverse Post, focusing on web3, NFTs, metaverse, and AI topics, especially through interviews with figures in the Web3 space. She has engaged with over 30 executives, sharing their insights with readers. Originally from Singapore, Cindy now resides in Tbilisi, Georgia. She holds a Bachelor's degree in Communications & Media Studies from the University of South Australia and has a decade's worth of journalism and writing expertise.