According to Britain’s minister for financial services, John Glen, the government aims to issue its own non-fungible token (NFT) as a “emblem of the forward-looking approach” the country is adopting toward crypto assets.
The NFT will be issued at the request of the UK finance minister, Rishi Sunak, by the Royal Mint, which is in charge of minting the country’s hard currency.
Glen also reiterated the British government’s intention to regulate the crypto industry in a speech at the Innovative Finance summit in London on Monday, stating that it has received some “legitimate” worries about the risks involved.
“If crypto-technologies are going to be a big part of the future, then we – the UK – want to be in, and in on the ground floor,” he said.
According to Glen, the government will begin to regulate some stablecoins – cryptocurrencies that are pegged to the value of fiat currency or commodities to decrease volatility – to bring them in line with current payment provider standards.
Consumers will be able to use stablecoin payment services with confidence as a result of this,” he added.
The UK’s intentions mirror a recent trend among governments to take a more aggressive stance on crypto-assets.
Crypto supporters argue that the technology will make payments faster, easier, and more transparent, while critics argue that it could be used for unlawful purposes such as money laundering and that it has a significant carbon footprint due to the high computer power required to conduct transactions. Besides Crypto doesn’t only have a commercial purpose as some projects on the blockchain seek to reward people for their achievements like the Ethereum and Tea which is used to encourage developers
In March, the European Parliament backed proposals to make crypto transactions traceable in the same way that traditional banking transactions are, and US President Joe Biden signed an executive order on digital assets aimed at mitigating the potential risks that crypto poses to consumers and institutions.