The proposal by the UK government to launch non-fungible tokens (NFTs) through the Royal Mint has been canceled.
Government-backed NFT collection was just a dream
The announcement of the NFT collection was made in April last year, and it was welcomed with enthusiasm by then-Chancellor Rishi Sunak, who has since become the Prime Minister.
In that same timeframe, the British government was taking steps towards regulating the stablecoin market by including them in an authorized payment system. Nonetheless, the proposal to launch NFTs has not been implemented, as per a statement by the UK’s economic secretary, Andrew Griffith.
The suggestion, however, will still be subject to evaluation. Nevertheless, the Chair of the Treasury Select Committee, Harriet Baldwin, has voiced her skepticism towards NFTs, stating:
“Unless they are willing to lose their entire investment, we have yet to see sufficient evidence to persuade our constituents to invest in these speculative tokens.”
Moreover, Baldwin highlighted the existing uncertainty prevalent in the industry, which is one of the reasons that prevented the launch of the NFT collection. Additionally, the Treasury had announced that it would examine the possibility of adjusting the tax structure to promote the development of the cryptocurrency market. However, given the current uncertainty within the industry, any new initiatives will not be implemented immediately.
Backed by gold?
The Royal Mint had intended to introduce its collection of NFTs supported by gold, a measure that could have established the UK as a more alluring hub for crypto innovation. Nonetheless, with the government’s decision to abandon the proposal, the future of NFTs in the UK has become uncertain.
The choice to abort the NFT launch plan has dismayed numerous individuals in the industry who viewed the move as a crucial step towards expanding the adoption of NFTs in the UK. Several opines that the government’s decision was influenced by the recent regulatory clampdown on cryptocurrencies worldwide.
Not in the government’s best interest
The UK government’s initiative to regulate the stablecoin market was perceived as a measure toward broader acceptance of cryptocurrencies in the nation. Conversely, the stablecoin market presents a direct threat to the upcoming Central Bank Digital Currencies (CBDC) planned by the UK and other nations, such as China and the United States.
The UK’s decision to scrap the plan to launch NFTs has created uncertainty about the future of digital assets in the country. This move has raised concerns among industry experts about the UK’s ability to compete as a leader in the cryptocurrency market.
Source: nft.news
This news is published and verified by the NFT News media team.
Thanks for sharing superb informations. Your web site is so cool. I’m impressed by the details that you have on this website. It reveals how nicely you perceive this subject. Bookmarked this website page, will come back for extra articles. You, my friend, ROCK! I found just the info I already searched all over the place and just couldn’t come across. What a great web site.
As I web-site possessor I believe the content material here is rattling fantastic , appreciate it for your efforts. You should keep it up forever! Good Luck.
Excellent blog here! Also your web site loads up very fast! What web host are you using? Can I get your affiliate link to your host? I wish my website loaded up as quickly as yours lol
Thanks for your write-up. One other thing is always that individual American states have their very own laws in which affect people, which makes it quite hard for the Congress to come up with a different set of rules concerning foreclosed on home owners. The problem is that every state offers own guidelines which may interact in a negative manner with regards to foreclosure guidelines.
Good write-up, I?m regular visitor of one?s web site, maintain up the excellent operate, and It is going to be a regular visitor for a lengthy time.
Valuable information. Lucky me I found your site by accident, and I’m shocked why this accident did not happened earlier! I bookmarked it.
This is very interesting, You are a very skilled blogger. I’ve joined your feed and look forward to seeking more of your excellent post. Also, I have shared your site in my social networks!
Thank you, I’ve recently been searching for details about this topic for ages and yours is the best I’ve discovered so far.
Pretty part of content. I just stumbled upon your website and in accession capital to assert that I get in fact enjoyed account your blog posts. Any way I?ll be subscribing in your feeds and even I achievement you get entry to persistently fast.
I really like what you guys are up too. Such clever work and coverage! Keep up the fantastic works guys I’ve added you guys to blogroll.
Great weblog right here! Additionally your web site rather a lot up very fast! What web host are you using? Can I am getting your affiliate hyperlink to your host? I wish my site loaded up as quickly as yours lol
Thanks for the compliment on our blog and website! We work hard to create useful content and optimize site performance.
Our site is currently hosted on inspedium – we’ve been really happy with their fast and reliable service. Here is our affiliate link. Please use this one. https://partners.inspedium.com/161637.html
After research just a few of the weblog posts on your web site now, and I really like your manner of blogging. I bookmarked it to my bookmark web site list and will probably be checking again soon. Pls try my web site as well and let me know what you think.
Thank you, I’ve recently been looking for information about this topic for ages and yours is the best I’ve discovered till now. But, what about the bottom line? Are you sure about the source?
Generally I do not read article on blogs, but I would like to say that this write-up very pressured me to check out and do so! Your writing taste has been amazed me. Thank you, quite nice post.