The UK government wants to have its own NFT by September 2022

NFTs are still in the midst of many new developments in the crypto industry, with one recently announced by the UK government plans to create a token non-fungible in devoting the country to becoming a world leader in digital heritage.

According to data from the CNBC portal, UK Treasurer Rishi Sunak has asked Royal Mint, the state-owned company responsible for printing coins in the country, that the country’s own NFT will is designed and released by the summer of 2022 – the season that will take. location in June and September.

In addition to the NFT, London Minister John Glen, also according to CNBC, has also announced measures that would allow the UK to attempt to become a leader in global digital heritage, with special decisions. is focused on the management of cryptoassets. We list them below:

  • To use stabilitycoins (cryptocurrencies that provide them with the best value for money, and are therefore rarely traded) in the existing UK rules of electronic payments;
  • Talk to world leaders to regulate the trading of other cryptocurrencies, including Bitcoin;
  • Request the Legal Commission to decide on the legality of blockchain communities, called decentralized autonomous organizations (DAOs);
  • Check the tax reform of loans and “holdDecentralized financing (DeFi), which gives cryptocurrency users the ability to take advantage of their savings;
  • Establish a Crypto Assets Engagement Group that will be led by executives and members from UK regulators and cryptocurrency companies;
  • Investigate the use of blockchain technology in advertising devices.

Measures go beyond the UK’s own NFT

The UK government, in addition to the NFT, is also studying Web3 and cryptocurrencies in general. (Image: Playback / David Mcbee / Pexels)

The CNBC report, in addition to the issues mentioned above, also said that the UK government will continue to look at other aspects of the cryptocurrency market, such as Web3, a force that reflects the development and overhaul in internet all as blockchains.

Finally, the report also said the government would look at ways to improve the “competitiveness of the UK tax system”, in order to encourage more participants in the cryptocurrency industry.

Source: CNBC

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