Beautiful Virgin Islands

Friday, Feb 14, 2025

NFT: Plans for Royal Mint produced token dropped by government

NFT: Plans for Royal Mint produced token dropped by government

Plans for a government backed non-fungible token (NFT) produced by the Royal Mint have been dropped, the Treasury has announced.
Rishi Sunak ordered the creation of a "NFT for Britain" that could be traded online, while chancellor in April 2022.

NFTs are assets in the digital world that can be bought and sold, but which have no physical form of their own.

The Treasury announced it was "not proceeding with the launch" following a consultation with the Royal Mint.

But economic secretary Andrew Griffiths said the department would keep the proposal "under review".

NFTs have been touted as the digital answer to collectables, but some sceptics fear they could be a bubble waiting to burst. They have been used as speculative assets and some have sold for millions of dollars.

Responding to the announcement, Harriet Baldwin, chair of the Treasury Select Committee, said: "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."

NFTs are unique units of digital data that use the same "blockchain" technology behind cryptocurrencies - such as Bitcoin. The records cannot be forged because the blockchain ledger is maintained by thousands of computers around the world.

The digital tokens, which emerged in 2014, can be thought of as certificates of ownership for virtual or physical assets, and can be bought using traditional currency or cryptocurrency.

The Treasury is working to regulate some cryptocurrencies and had planned to enter the NFT market as part of a wider bid to make the UK a hub for digital payment companies.

In April 2022, the then-chancellor Mr Sunak said: "We want to see the [cryptocurrency] businesses of tomorrow - and the jobs they create - here in the UK, and by regulating effectively we can give them the confidence they need to think and invest long-term."

Among the best-known NFTs are a series known as the "Bored Ape Yacht Club", which give the bearer ownership over a unique picture of a cartoon ape. Prices of the NFTs plummeted last year after crypto exchange FTX went bankrupt.
Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
Brand Finance Unveils its Rankings of the Best CEOs for 2025: Satya Nadella Takes the Lead
Steering Through the Updated Chain of Command at the European Commission
Parliamentarian Advocates for Preservation of AI Liability Directive
Mark Rutte Calls on NATO Allies to Increase Defence Expenditure
Dresden Marks the 80th Anniversary of the World War II Bombing
Global Community Pledges to Assist Syria's Political Transition
EU Activates €200 Billion for AI Investment and Introduces €20 Billion Fund for Gigafactories
EU Recognizes Difficulty in Closing the USAID Funding Shortfall Due to Stalled US Aid
Commission President von der Leyen Not Present at Notre Dame Reopening Due to Last-Minute Cancellation
EU Establishes Disinformation Code for Online Platforms, Leaving Out X
EU Lags in Enforcing Essential Cybersecurity Directives
EU Under Fire for Streamlining Discussions on Corporate Sustainability Reporting
Shein Receives Further Information Request from EU During Ongoing Investigation
European Commission Initiates Investigation into Shein While Focusing on Chinese E-Commerce Regulations
Trump's special envoy for hostage affairs cautions Hamas against challenging Trump before Saturday's deadline.
Ukraine Confirms Territorial Loss in Russia's Kursk Region
Trump Declares Reciprocal Tariffs as Trade Conflict Intensifies
California Congressman Robert Garcia's Threats of Utilizing Weapons Against Elon Musk
Trump and Putin Address Ukraine Peace Negotiations in Response to Worldwide Reactions
Honda and Nissan Conclude Merger Talks
New York Fashion Week Highlights Iconic Returns and Emerging Talents
Trump Proposes Including Ukraine in Peace Talks to Settle the Conflict
Trump Supports Russia's Reinstatement in G7 Amid Continuing Diplomatic Strains
Zelensky Warns Against Placing Trust in Putin as Peace Negotiations Progress
MI5 Acknowledges Submitting False Evidence in Court Concerning Neo-Nazi Informant
Trump Asserts BRICS 'Is No More' in Light of Tariff Threats.
UK Introduces New Citizenship Restrictions for Refugees Who Arrive Illegally
Stoke-on-Trent Schools Face 'Astronomical' Repair Costs Amid PFI Contract Challenges
Employment Tribunal Reviews Use of Female Changing Room by Transgender Doctor
Projected Costs and Funding Dynamics of the NHS: An In-Depth Analysis
Scrutiny Over Rachel Reeves' Career and Expenses Claims Ahead of Ministerial Role
Sue Gray Introduced as Baroness Gray of Tottenham in the House of Lords
Fire Engulfs Primary School in Wales, Leading to Evacuations
Two British citizens apprehended in Iran amidst rising tensions.
Inquest Reveals Manipulation and Harassment Faced by Soldier Before Death
UK Economy Registers Unexpected Growth in Final Quarter of 2024
Ukraine's Role Central to Peace Negotiations, Asserting Global Sentiment
Winter Pressures Unfold at Royal Free Hospital Amid NHS Strain
Rachel Reeves's CV and Expenses Scrutiny Following BBC Investigation
Trump's Tariffs Loom Large Over Significant German Trade Exhibition
President Trump Resolves Legal Disputes with X and Meta Regarding Social Media Bans
OpenAI Modifies Approach in Response to Increasing AI Competition
Amazingly Good News for USA and the World: Gabbard Confirmed as U.S. Intel Chief in Latest Victory for Trump!
UK Business Leaders Expect Profit Increase Despite Regulatory Crackdown on the Shadow Economy
Trump Discusses NATO Membership for Ukraine During Diplomatic Negotiations
Trump Declares Upcoming Meeting with Putin in Saudi Arabia Amidst Ukraine Crisis
Israel Warns of Military Action While Hostage Negotiations with Hamas Continue
2024 Sees a Record High of Journalists Killed, CPJ Report Reveals
Trump and Putin Engage in Phone Conversation During Ukraine Conflict, Peace Talks Commenced
Climate change presents considerable threats to cocoa production worldwide.
×