- The UK’s Treasury has abandoned its plans to launch government-backed NFTs.
- The NFTs were originally meant to be issued by the country’s Royal Mint.
- Former Chancellor of the Exchequer Rishi Sunak introduced the NFT plan last year.
The United Kingdom’s Treasury, known as HM Treasury, has dropped its plans to launch government-backed NFTs, after consulting with the country’s Royal Mint. The decision to abandon the NFT project comes almost a year after it was initially introduced by Prime Minister Rishi Sunak, who was serving as the Chancellor of the Exchequer at the time.
The decision came to light after Treasury Select Committee chair Harriett Baldwin, who is also serving as a member of parliament from UK’s West Worcestershire, asked for an update from the current Chancellor of the Exchequer regarding the Treasury’s stance on the proposed NFTs to be issued by the Royal Mint.
Andrew Griffith, the UK’s Economic Secretary and MP from Arundel and South Downs, responded to Baldwin’s inquiry and revealed that the Treasury had decided not to proceed with the NFT launch. The decision was reportedly taken after consultation with The Royal Mint. However, the economic Secretary stated that the proposal would be kept “under review”.
According to a report by BBC, Harriett Baldwin said in a statement, “We have not yet seen a lot of evidence that our constituents should be putting their money in these speculative tokens unless they are prepared to lose all their money. So perhaps that is why the Royal Mint has made this decision in conjunction with the Treasury.”
Former Chancellor Rishi Sunak had ordered the NFTs in April last year, in a bid to position the United Kingdom as a global hub for crypto assets and all related technology and investments. Sunak pitched the plan as “NFT for Britain” at the time.