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Finance

UK Government Plans to Create an NFT

The non-fungible token will represent the government's commitment to crypto technology and investment.

By Camomile Shumba
AccessTimeIconApr 4, 2022 at 3:19 p.m. UTC
Updated May 11, 2023 at 7:11 p.m. UTC
Union Jack Flag of Great Britain against a Blue Sky
Union Jack Flag of Great Britain against a Blue Sky

The U.K. government said it plans to issue a non-fungible token (NFT) to signal its commitment to a "forward-looking approach" on cryptocurrency technology and investment.

  • Chancellor of the Exchequer Rishi Sunak asked the Royal Mint, the producer of British coins, to make an NFT in coming months, John Glen, minister and economic secretary to the Treasury, said at the Innovate Finance Global Summit on Monday.
  • This will be an "emblem of the forward-looking approach we are determined to take," Glen said.
  • The announcement also included the government's vision for stablecoins and distributed ledger technologies as part of its strategy for the U.K. financial services industry.
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    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Camomile Shumba
    Camomile Shumba

    Camomile Shumba is a CoinDesk regulatory reporter based in the UK. She previously worked as an intern for Business Insider and Bloomberg News. She does not currently hold value in any digital currencies or projects.

    Follow @camomileshumba on Twitter