The U.K. Treasury abandoned plans to launch a non-fungible token (NFT) as part of a broader effort to establish the country as a leading hub for cryptocurrency innovation, according to a report.
The initiative, which was proposed by then-Chancellor of the Exchequer and current Prime Minister Rishi Sunak in the spring of 2022, had been unveiled by the Royal Mint, The Block reported.
At the time, the British government was also working to bring stablecoins within a regulatory framework to be used as a recognized form of payment.
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However, in a written response to questions posted on the U.K. Parliament’s website on Monday, Treasury Minister Andrew Griffith confirmed that the Royal Mint is “not proceeding with the launch of a non-fungible token at this time but will keep this proposal under review.”
This decision represents a setback for the U.K.’s efforts to bolster its status as a crypto-friendly destination.
The country had been exploring various ways to attract crypto-related businesses and talent in recent years, and the launch of an NFT by the Royal Mint was seen as a potential catalyst for further growth in the sector.
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