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NFT News: UK Government Announces Plan to Create NFT

Jeff Pratt breaks down the UK government’s plan to create its own NFT collection this summer.

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UK Government Announces Plan to Create NFT

In an attempt to lead the way as crypto becomes a more mainstream concept, the UK government announced its plan to create an NFT.

This move was requested by U.K. Finance Minister Rishi Sunak. According to a government minister, Sunak asked the Royal Mint to create and issue the NFT by this summer. Not much has been revealed about the specificities of the collection, but more details are expected to come soon.

At a fintech event in London, City Minister John Glen declared that the U.K. is also aiming to bring digital assets under more regulatory scrutiny. This will be accomplished through a variety of steps, including:

  • Hosting a consult for regulating trade in major cryptocurrencies.
  • Appealing to the Law Commission to consider the legal status of DAOs.
  • Expanding the usage of stablecoins by incorporating them into the U.K. payments framework.

The U.K. is just the latest government to accept crypto as a core piece of the economy. Stay tuned for updates as details are revealed about this upcoming NFT collection.

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