As Her Majesty's Treasury claims it would take towards cryptocurrencies and blockchains, the UK's treasury minister has entrusted the Royal Mint with designing an NFT. Details about the mint will be released "very shortly" in a speech given by John Glen, the Treasury's Economic Secretary, at a conference.
Although other nations, such as Ukraine, have issued NFTs in the past, this declaration stands out since it comes from a high-ranking official in the British government. A government agency that prints the country's currency should also be involved in the process.
Since there are no specifics in the statement, it's easy to dismiss it as a public relations stunt designed to demonstrate that the Treasury is committed to making the UK a financial innovation hub and getting in with crypto currency.
To be fair, it appears like the UK government is taking cryptocurrency seriously as a technology. According to Glen, the Treasury Department has asked a legal task force to look into the legal status of decentralized autonomous entities. The discussion is 21 minutes lengthy and you can see it in its entirety here. He also summarizes a lot of the government's current crypto initiatives.
There will be many meetings about crypto regulation, and the Treasury is working on regulating some stable coins. The Treasury is also still working on its "regulatory sandbox," which will allow crypto companies to test products and services in a controlled environment.
It's difficult to predict the outcome of the Treasury's crypto initiative. How popular will it be among crypto aficionados in the United Kingdom? Or will there be just one NFT held on a hardware wallet at Buckingham Palace or the Tower of London as implied by the announcement tweet 🐦 ?
Truthfully, I doubt that's all that matters. Cryptocurrency regulation will likely determine the future of crypto more than any individual project, even if that project comes from the Royal Mint, even if NFTs are popular.
About Kally 👑
Kally is a P2P auction platform for NFTs, powered by Substrate & IPFS. Our goal is to build the most interoperable and user-friendly NFTs marketplace ever, allowing artists and everyday people to unleash the true power of the virtual world.
