• The Royal Mint is due to launch its own NFT later this year
• Great Britain monitors the development of Web3
Great Britain wants to become a crypto pioneer
On April 4, the UK government announced it would mint its own non-fungible token (NFT). This is apparently part of the UK’s plans to become a “world leader” in cryptocurrency. Speaking at the Innovate Finance Global Summit in London, Secretary of State John Glen said the island nation’s NFT initiative is part of a broader government effort to lead the way in cryptocurrencies.
advertising
Cryptocurrencies have corrected sharply over the past few weeks. Speculative investors now trade CFDs on the world’s most popular cryptocurrencies with leverage and 24/7 availability with Plus500.
77% of retail investor accounts lose money when trading CFDs with this provider. You should carefully consider whether you can afford to take the high risk of losing your money
He also announced a number of further steps the UK would take to bring digital assets under greater regulatory scrutiny. These include adding stablecoins to existing UK e-payments regulations, establishing a ministerial-led Cryptoasset Engagement Group that will include members from UK regulators and crypto companies, and reviewing the applicability of blockchain technology in issuance of debt securities.
“We shouldn’t think of regulation as something static, rigid. Instead, we should think in terms of regulatory ‘code’ – like computer code – that we refine and rewrite as we need it,” Glen said. In general, the UK should become a global center – “the best place in the world to start and scale crypto companies.”
Royal Mint is set to release its own NFT this summer
A tweet from the UK Treasury revealed that Treasury Secretary Rishi Sunak has asked the Royal Mint to prepare and issue its own NFT by the summer of this year. The Royal Mint is a state-owned company responsible for minting coins for the United Kingdom.
Chancellor @RishiSunak has asked @RoyalMintUK to create an NFT to be issued by the summer.
This decision shows the the forward-looking approach we are determined to take towards cryptoassets in the UK. pic.twitter.com/cd0tiailBK
– HM Treasury (@hmtreasury) April 4, 2022
Web3: Next evolution of the internet?
Glen also addressed Web3 at the fintech event. “No one knows for sure what Web3 will look like yet. But it is very likely that blockchain will be an integral part of this evolution… with a more decentralized, open and user-controlled ecosystem,” said the Secretary of State. However, it is clear that the United Kingdom wants to play a pioneering role in this development and will use the greatest economic opportunities.
E. Schmal/Redaktion finanzen.net
Image sources: archy13 / Shutterstock.com, Schroders