Britain will move forward on crypto regulation and mint an NFT this year, minister says

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.

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10 thoughts on “Britain will move forward on crypto regulation and mint an NFT this year, minister says”

  1. Well, government participation in this space is welcome. So long as a clear line is drawn between participation and meddling. If they can make this move in collaboration with existing Eco-NFTS such as Plastik, a lot can be done for the environment.

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  2. wow I think they are the first nation minting and NFTs; I like the facts people are taking them seriously because they are the natural evolution of art and communication and they may even solve problems like the war (tank NFTs in Ukraine) or climate change like plastiks marketplace is trying to do

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  3. You LOVE to hear it.

    PS: did you take the time to rewrite this MSN article?

    https://www.msn.com/en-za/news/other/britain-will-move-forward-on-crypto-regulation-and-mint-an-nft-this-year-minister-says/ar-AAVSMgm

    **MSN:**

    “The UK government plans to issue its own non-fungible token (NFT) as an “emblem of the forward-looking approach” the country is taking toward crypto assets, Britain’s minister responsible for financial services, John Glen, has revealed.

    The NFT will be issued by the Royal Mint, the institution responsible for minting the UK’s hard currency, at the request of the UK finance minister, Rishi Sunak.

    In a speech at the Innovative Finance summit in London on Monday, Glen also confirmed the British government’s intention to regulate the crypto industry, saying that it had heard some of the “valid” concerns 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.

    Crypto regulation
    The government will begin to regulate some stablecoins – cryptocurrencies that are pegged to the value of fiat currency or commodities in order to reduce their volatility – in order to bring them in line with current rules on payment providers, Glen said.

    “This will also enable consumers to use stablecoin payment services with confidence,” he added.

    The UK’s plans reflect a more active stance toward crypto-assets taken by a number of governments in recent years.

    Crypto advocates say the technology will make payments faster, easier and more transparent, while skeptics worry it could be used for illegal activity like money laundering and has a high carbon footprint because of the heavy computing power needed to process transactions.

    …<snip>…”

    Reply
  4. Everyone is jumping in on NFTs, even governments! It means we’re still early & the future is bright for those in the NFT space.

    Not withstanding, there’s a lot of work to be done before full scale mainstream adoption. We have to encourage NFTs with utilities more than ever. NFTs shouldn’t be just for aesthetics or hold sentimental value, there should be actual use for holding NFTs like how Divinity Cells uses NFTs as a form of incentives and community identification.

    NFTs can be so much more.

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