Her Majesty's Treasury is working on a new type of mint: NFTs

Her Majesty’s Treasury is working on a new type of mint: NFTs

Her Majesty’s Treasury is working on a new type of mint: NFTs

The UK Treasury Minister has instructed the Royal Mint to create an NFT as “an emblem of the forward-looking approach” Her Majesty’s Treasury says it will take for cryptocurrencies and blockchain. The project has been announced in a speech by John Glen, the Secretary of Economy at the Treasury, who said at a meeting that more details on the mint of the mint would come “very soon”.

Although countries like Ukraine have issued NFTs before, this particular announcement looks a bit different: firstly, it comes from one of the highest levels of the British government. It should also be performed by the entity in charge of printing the country’s money.

This is not to say that UK citizens should expect the government to replace the pound sterling with HerMajesty’sCoin soon. The complete lack of details of the announcement makes it easy to see it as a simple PR exercise, a way for the Treasury to show that it is serious about making the UK a hotbed of financial innovation and going “downstairs” with cryptocurrencies. (from, you know, announcing an NFT more than a year after Taco Bell came out with their own crypto token).

To be honest, it looks like the UK government is taking cryptocurrencies seriously. Glen announced that the treasury is asking a legal task force to consider the “legal status of decentralized autonomous organizations” (or DAOs). He also packs a lot of what the government is currently working on in regards to cryptocurrencies – the speech it lasts 21 minutes (although there is a good amount of fluff) and you can look at it in full below.

Reuters does a good job of breaking down the main components, but like TL; DR: UK Treasury is working to settle some stablecoins (cryptocurrencies whose value is, in theory, largely tied to the price of fiat currencies), will have a lot of meetings on cryptocurrency regulation and is still working on its “regulatory sandbox” to allow cryptocurrency companies to “test products and services in a controlled environment.”

As for the treasury crypto project, it’s hard to know what to expect. Will it be a collector’s item that cryptocurrency enthusiasts across the UK will want to have in their wallets? Or will it just be a single NFT (the announcement tweet somehow implies there will only be one) stored on a hardware wallet locked away in Buckingham Palace or the Tower of London?

Honestly, that’s probably not the important part. While NFTs are vibrant (or at least they were at one point), the future of cryptocurrencies will likely be shaped more by how countries with a strong interest in global finance choose to regulate them rather than any particular project, even if that. project comes from the Royal Mint.

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