UK Government Will Release Its Own NFT In Effort To Embrace Crypto

The mass adoption of digital assets has been one of the most important goals that the crypto industry has. There have been a lot of moves in this direction and they continue. The latest news comes from the UK.

The UK government is experimenting with digital collectibles as it strives to turn its economy into a global crypto asset hub.

In a speech which was delivered at the Innovate Finance Global Summit, the UK’s economic secretary to the treasury John Glen explained among others that the nation’s coin supplier has been instructed to create a non-fungible token (NFT).

“The Chancellor has asked the Royal Mint to create a non-fungible token – an NFT… to be issued by the Summer, an emblem of the forward-looking approach we are determined to take.”

Glen also said that the UK’s goal is to embrace blockchain technology early in order to get a head start.

“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. In fact, if we commit now… we can lead the way.”

Glen made sure to highlight the fact that having a crypto-friendly environment will generate employment opportunities and accelerate innovation.

He explained the following:

“We think that by making this country a hospitable place for crypto, we can attract investment… generate swathes of new jobs… and create a wave of ground-breaking new products and services.”

He also explained that the UK will adopt a proactive approach regarding the digital assets regulations.

“That’s why, in this country, we’ve already said that we’ll seek to protect consumers by legislating to bring certain crypto assets into the scope of financial promotions regulation… and it’s essential that investors understand the risks they are taking,” he was cited saying by the online publication the Daily Hodl.