• The Royal Mint is set to launch its own NFT later this year
• Great Britain is watching the development of Web3
Great Britain wants to become a leader in crypto
On 4 April, the UK government announced that it would mint its non-fungible token (NFT). This appears to be part of the UK’s plans to become a “world leader” in the cryptocurrency space. Speaking at the Innovate Finance Global Summit in London, Foreign Secretary John Glenn said the island nation’s NFT initiative is part of a broader government effort to lead the way in cryptocurrency.
He also announced a number of additional steps the UK would take to bring digital assets under more regulatory scrutiny. These include adding stablecoins to existing UK electronic payments regulations, creating a minister-led Cryptoasset Engagement Group that will include members from UK regulators and crypto firms, and reviewing the applicability of blockchain technology in the issuance of debt securities.
“We shouldn’t think of regulation as something rigorous,” Glenn said. “Instead, we should think in terms of organizational ‘code’ – like computer code – that we refine and rewrite when we need it.” Overall, the UK should become a global hub – “the best place in the world to start and expand crypto companies”.
The Royal Mint is preparing to release its NFT this summer
A tweet from the UK Treasury revealed that Chancellor of the Exchequer Rishi Sunak has asked the Royal Mint to prepare and issue its own NFT by the summer of this year. The Royal Mint is a state-owned company responsible for minting coins of the United Kingdom.
This decision demonstrates the forward-looking approach we are determined to take towards crypto assets in the UK. pic.twitter.com/cd0tiailBK
– HM Treasury (hmtreasury) 4 April 2022
Web3: The Next Evolution of the Internet?
Glenn also spoke about Web3 at a fintech event. “No one knows for sure what Web3 will look like yet,” the foreign minister said. “But it is very likely that blockchain will be an integral part of this development…with a more decentralized, open and user-controlled ecosystem.” However, it is clear that the UK wants to play a leading role in this development and will use the greatest economic opportunities.
E. Schmal / Redaktion finanzen.net
Image sources: archy13 / Shutterstock.com, Schroders
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