Following consultations with the Royal Mint, the HM Treasury of the United Kingdom has decided to forego its proposed government-backed NFTs. This decision marks the culmination of almost a year since the then-Chancellor of the Exchequer first introduced the project, Prime Minister Rishi Sunak.
The revelation surfaced following a request for an update from Harriett Baldwin, the Chair of the Treasury Select Committee and a Member of Parliament representing West Worcestershire. Baldwin sought clarification from the current Chancellor of the Exchequer on the Treasury’s position regarding the Royal Mint’s proposed issuance of NFTs.
In response to Baldwin’s inquiry, Andrew Griffith, the UK’s Economic Secretary and MP representing Arundel and South Downs has confirmed that the Treasury has opted not to proceed with the launch of NFTs. The decision was made following consultation with The Royal Mint, and while the proposal will be under review, it will not be pursued at this time. Griffith’s statement reflects a professional and measured approach to the matter at hand.
As per a BBC report, Harriett Baldwin has stated that there is a need for more substantial evidence to suggest that investing in speculative tokens is a wise decision for our constituents unless they are willing to bear the risk of losing their entire investment. This is likely why the Royal Mint has collaborated with the Treasury to make this decision.
In April of last year, the esteemed former Chancellor Rishi Sunak strategically moved to establish the United Kingdom as a leading global destination for crypto assets and related technology and investments. His visionary plan, aptly named “NFT for Britain,” included the procurement of NFTs. This bold initiative aimed to position the UK as a hub for all things crypto, and Sunak’s foresight and leadership were instrumental in its implementation.
