In the latest announcement, United Kingdom (UK) finance minister Rishi Sunak announced the government’s plans to launch a non-fungible token (NFT) collection as a sign of efforts to become a world pioneer in the cryptocurrency industry.
This was confirmed by the UK treasury itself through an official tweet last night Malaysian time:
Chancellor @RishiSunak has asked @RoyalMintUK to create an NFT to be issued by the summer.
This decision shows the the forward-looking approach we are determined to take towards cryptoassets in the UK. pic.twitter.com/cd0tiailBK
- HM Treasury (@hmtreasury) April 4, 2022
The country’s coin maker, Royal Mint will take on a new responsibility - creating and issuing NFTs.
The launch of the NFT is expected to take place around June this year.
According to economic secretary John Glen, the approach taken is specifically aimed at supporting financial and crypto technologies.
Not only that, the UK wants to create a dynamic supervisory landscape that is compatible with the presence and change of technology.
Here are details of the other steps to take:
Accept the presence of stablecoins as part of the local payment medium.
Negotiate with major countries to pass trade laws in cryptocurrencies, including Bitcoin (BTC).
Validate the status of blockchain -based communities, decentralized autonomous organizations (DAOs).
Monitor the introduction of taxes for decentralized financial loans (DeFi) and staking which will help crypto users reap the benefits of their savings.
Creating a Cryptoasset Engagement Group comprising a line -up of ministers, as well as key individuals from the UK’s supervisory and business departments).
Evaluate applications based on blockchain (or DeFi) in the production of loan instruments.
It seems that the UK government’s efforts are clearly different from the United States (US) which has just announced monitoring of the crypto market after the approval of an executive order from its president, Joe Biden.
